REALTOR® Magazine-Daily News-More Rate Hikes Expected as U.S. Regains 'Traction'

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Daily Real Estate News | September 9, 2004 | More Rate Hikes Expected as U.S. Regains 'Traction' Federal Reserve Chairman Alan Greenspan, testifying before the House Budget Committee, said the recent economic "soft patch" has come to an end. He pointed to a boost in housing starts and consumer spending and the addition of 144,000 new jobs in August, among other things, as evidence that the "expansion has regained some traction." Greenspan also noted that inflation is not a major concern at the current time, which analysts interpreted to mean that the central bank will continue to implement gradual interest-rate hikes. Many observers anticipate a quarter-point jump to 1.75 percent when the Federal Reserve meets later this month, with additional quarter-point rate increases to follow in November and December.

Source: Investor's Business Daily (09/09/04); Wise, Christina