Free Markets, Free People

Economic Statistics for 17 Dec 14

The MBA reports that mortgage applications fell -3.3% last week, with purchases down -7.0% and refis unchanged.

Consumer prices fell -0.3% overall in November, while the CPI less food and energy rose 0.1%. On a year over year basis, the CPI is up 1.3%, while the core rate is up 1.7%.

The nation’s current account deficit widened by $1.9 billion to $-100.3 billion in the 3rd Quarter from a slightly revised $98.4 billion in the 2nd Quarter. 

The Federal Open Markets Committee ended their meeting today, with the Fed Funds Rate target left unchanged at 0% to 0.25%.

The FOMC’s newest GDP forecasts: 2014: 2.3 to 2.4%; 2015: 2.6 to 3.0%; 2016: 2.5 to 3.0%; 2017: 2.3 to 2.5%; longer run: 2.0 to 2.2%. Essentally, sub-par economic growth will continue for as long as can be forecast.

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