The Federal Open Market Committee said it hadn't observed any hop in inflation, and even warned that "inflation persistently below its 2 percent objective could pose risks to economic performance." While the FOMC said household and business spending improved since its last meeting, it slapped the Congress on the knuckles, declaring "fiscal policy is restraining economic growth."
How Fed moves affect mortgage rates
Click through the timeline below to see the effect the Fed's moves had on mortgage rates.
The rate-setting Federal Open Market Committee meets at least eight times a year. Its members include the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and a rotating selection of presidents of the other 11 reserve banks.
Board of Governors (Chairman)
Kansas City, Mo.
Board of Governors