We celebrated our 14th wedding anniversary as a family in Hawaii last week. It was a magical time and I think that a part of me is still there. The rest of me that did make the trip home had difficulty comprehending the source of the buzzing sound from my nightstand this morning at 6 o’clock.
The fourth quarter GDP was released this morning up 0.6%, or up 2.6% year-over-year, bringing the 2014 average reading at 2.4%. That is right in line with the Federal Open Market Committee’s (FOMC) target of 2-2.5%. Speaking of the Fed, they maintain their pledge to be “patient” on raising interest rates. Though they confirm that economic activity has been expanding at a solid pace and the labor market continues to improve, the plunge in oil prices is cooling inflationary pressures, further delaying the first Fed rate hike since 2006.