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Wed, 23 Jul 2008 12:34:39 EST Plosser Says Rate Hike is Inevitable Even if Housing Prices Continue to Fall
Speaking in a Bloomberg Television interview, noted
hawk Philadelphia Federal Reserve President Chuck
Plosser said the Fed may have to hike rates even as housing
prices continue to fall.
Plosser commented that the economy has not changed much in the last
few months and that rising prices pose the biggest challenge to the
economy. Plosser noted that...
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| Wed, 23 Jul 2008 12:09:58 EST U.S. Fed's Beige Book is Downbeat, But Few Surprises
Economic conditions across the U.S. "slowed somewhat," according to
the Fed's Beige Book on Wednesday. Five of the 12
districts were said to have weakened since the last report six weeks ago,
while Chicago's economy was "sluggish" and growth in Kansas City had
moderated. The remaining three districts saw slight increases in
activity.
Residential real estate markets "remained sluggish in
a majority of districts," the report said, with residential real estate
lending and consumer lending showing more weakness than commercial
lending.
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| Wed, 23 Jul 2008 07:23:55 EST Treasury's Paulson Says it Was Easy to Recommend President Sign Housing Bill
Although he is not pleased with some parts of the
housing bill, U.S. Treasury Secretary Henry Paulson said
it was easy for him to recommend to President George W. Bush to sign a
housing rescue package into law on Wednesday.
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| Wed, 23 Jul 2008 06:46:52 EST Mortgage Rates Fall in Response to Speculation about Overnight Bank Rates
Rates for both short- and long-term mortgages tumbled last week
according to Freddie Mac's Primary Mortgage Market Survey.
The Mortgage Bankers Association (MBA) released the results of its
Weekly Mortgage Applications Survey for the week ended
July 18 on Wednesday. Mortgage activity as measured by the volume of loan
applications...
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| Wed, 23 Jul 2008 06:26:47 EST Preview: Fed's Beige Book to Confirm Broad-Based Softness in Economy
Economists largely agree that the Beige Book document
to be released Wednesday by the Federal Reserve won't receive extended
attention from markets, which are more concerned with forward-looking
data. The report will likely say that economic conditions are soft across
the country, with a few pockets of exceptional weakness and moderate
growth.
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