Economic Statistics for 20 Jun 12 (Updated)
The following statistics were released today on the state of the US economy:
The Mortgage Bankers Association announced that Mortgage applications fell -0.8%, with new purchases down a very sharp -9.0% and re-fis up 1.0%.
UPDATE: The Federal Open Markets Committee announced that due to ongoing economic weakness the target for the Fed Funds rate will remain at 0%-0.25%, and is likely to remain at "exceptionally low levels" through late 2014. The Discount Rate will remain unchanged at 0.75%. "Operation Twist" which extends the maturity of securities held by the Fed by buying long-term notes and selling short-term ones, will continue.