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Federal Reserve: Inflation Remains “Uncomfortably High”

May 31, 2007 by Scott Kinne

Non-farms payroll, PCE and unemployment data make Friday a dangerous day to float a mortgage rate

Tomorrow, the fireworks begin. Or, continue, depending on your point of view.

After a span of several weeks in which mortgage rates have steadily increased, markets are gearing up for a heavy day of data that could confirm the worst fears of investors everywhere: the U.S. economy is not slowing down.

The Fed’s May meeting minutes showed that it is concerned about inflation, too.

Despite “more favorable” readings, inflation remained “uncomfortably high” and is following neither a downward trend, nor an upward trend.

Reported today, year-over-year inflation data is running at its highest rate in 16 years.

Overall, this makes it less likely that the Fed will lower the Fed Funds Rate rate in the near future.

If you are currently floating your interest rate, get in and get locked. Because there is already an upside bias on rates, it won’t take “hot” numbers to move interest rates higher — it will only take average numbers to do it.

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Scott Kinne

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Vice President, Senior Loan Officer
NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

Licensed In Maryland, Virginia, Washington D.C., West Virginia
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