This week’s two big events were the Federal Reserve’s (FED) meeting and employment report.
On Wednesday the FED had their meeting and afterwards they are leaving interest rates where they are at for now. They also added that they will continue to monitor the economy and adjust their asset purchase program accordingly. Under the current asset purchase program the FED is currently keeping interest rates low by purchasing 45 Billion dollars of mortgage bond on a monthly basis. If the economy shows signs of improving they will lower this number and rates will increase.
Today job creation numbers were released. The report was expected to be good based on the ADP numbers released earlier in the week. Instead the numbers came in below estimates with the economy only adding 162,000 jobs in July. This was good news for interest as employment is one of the most important factors the FED looks at when deciding what to do with interest rates.
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