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I talked to my sis, a real estate broker 20 yrs now--- the houses will sell come Jan 20-2017. - when the presidency has been written in stone. People will wait until then, to be sure we not breaking into civil war etc. and then buy- buy- buy- as rates are going up
I talked to my sis, a real estate broker 20 yrs now--- the houses will sell come Jan 20-2017. - when the presidency has been written in stone. People will wait until then, to be sure we not breaking into civil war etc. and then buy- buy- buy- as rates are going up
If Hillary would have won I'm sure corrupt Yellen would have kept the funds rate stagnant again. Trump needs to fire her.
Is it possible you might be confusing the FRB Chair and spokes person with the body that actually makes decisions to change rates?
The Federal Open Markets Committee ( FOMC) decides the interest rate, not the Chaiman of the FRB.
The Chairman is 1 of 12 votes.
Yellen's term as Chair has one year remaining on her term. It's common and intentional for Chairman's terms to overlap Administrations. Greenspan managed to overlap 4 Admin's. The FOMC consists of the 7 FRB Board of Governors and 5 Rotating Presidents from the 12 regional Federal Reserve Banks.
Members to the Federal Reserve Board are appointed to 14 year terms, following nomination by a POTUS and Senate Confirmation, following hearings.
Unlike, the FRB, the President's of the regional Federal Reserve Banks are elected by their respective Boards, usually comprised of local banks terms and large corporations.
The Federal Reserve Board has been operating with only 5 members due to political obstruction. The Chair of the powerful Senate Banking Committee has refused to schedule hearings for 2 nominees to fill the vacancies. One of the two withdrew after a 14 month wait for a confirmation hearing.
Historically, the Federal Reserve Board Members of the FOMC have trended more dovish on interest rates opposed to the 5 Regional bank Presidents, elected by banksters and large corporations. The unfulfilled vacancies leveled the playing field, between the FRB board and regional presidents. Therefore it is reasonable to assume the historically more hawkish regional bank presidents were in favor of holding the line on interest rates.
The banks don't want to pay any interest to the savers who put their money in there. Most retirees keep their money in a safe place and the banks are robbing the seniors. It is so rigged.
Except banks are historically hawkish on raising rates.
Yep, housing, cars, corporate capital investment becomes more expensive. Hey, but little old ladies get to have a few more pennies in their CDs......
CD rates peaked in 1981 at about 16.69%.
My first mortgage that year was 16.5%. Was I the only home buyer that year?
Exclusive of property taxes, the monthly payment on that house would be considerable lower today than it was 35 years ago, despite years of modest appreciation.
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