The FOMC

Today kicks off the two day meeting of the Federal Open Market Committee (AKA: The Fed), culminating with tomorrow’s reading of their prepared monetary policy statement.  The chances of them raising rates this session is about the same as creating an orange $500 bill; not impossible, but pretty slim.

The Case Shiller Home Price Index showed that home prices rose 5.0% from this time last year.  The price of homes continues to rise faster than the wage index.  The old maxim that the house you buy today you won’t be able to afford tomorrow continues to hold true for many Americans.