Fed Declined to Raise Rates

The Fed declined to raise interest rates today due to exceptionally weak May jobs report among other things. On June 3rd, the Labor Department reported that just 38,000 new jobs had been created in May. That’s the worst job creation in six years – and about 120,000 fewer jobs than projected.

Fed Chair Janet Yellen stated, “If incoming data are consistent with labor market conditions strengthening and inflation making progress toward our 2% objective, as I expect, further gradual increases in the federal funds rate are likely to be appropriate”.

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Brief summary of actual article came from MPA – Mortgage Professional America on June 15, 2016