Free Markets, Free People

Economic Statistics for 18 Mar 15

The MBA reports that mortgage applications fell -3.9% last week, with purchases down -2.0% and refis down -5.0%.

The Federal Open Markets Committee left short-term interest rates unchanged today, at 0% to 0.25% for the Fed Funds rate target.

In today’s economic forecast, the Fed lowered it’s forecasts for both unemployment and economic growth, noting that growth is “moderating”. The Fed’s forecasts:

GDP
2015: 2.3 to 2.7%
2016: 2.3 to 2.7%
2017: 2.0 to 2.4%
longer run: 2.0 to 2.3%

Inflation
2015: 0.6 to 0.8%
2016: 1.7 to 1.9%
2017: 1.9 to 2.0%
longer run: 2.0 %

Unemployment
2015: 5.8%
2015: 52 to 5.3%
2016: 4.9 to 5.1%
2017: 4.8 to 5.1%
longer run: 5.0 to 5.2%

Essentially, the sub-par economic growth we’ve experienced since 2009 will continue for the foreseeable future.


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