Free Markets, Free People

Economic Statistics for 18 Dec 13

The Federal Open Markets Committee ended their meeting today. They announced that they would start a modest tapering on Quantitative Easing III in January starting with a $10 billion cut. They left interest rates unchanged, with the Fed Funds rate at a targeted 0% to 0.25%. Their December projections for GDP remain in modest—which is to say, below-trend territory: 2013: 2.2 to 2.3%; 2014: 2.8 to 3.2%; 2015: 3.0 to 3.4%; 2016: 2.5 to 3.2%; longer run: 2.2 to 2.4%.

Housing starts in November jumped 22.7% to a 1.091 million annual rate.

The MBA reports that mortgage applications fell -5.5% last week, with purchases down 6.0% and refinancings down 5.0%.

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