Rate: Stays at 3 percent all year
The details: After a recession started the decade, the nation stands poised for economic prosperity. The Fed propels growth by starting the year with a federal funds rate of 3 percent, one of the lowest marks in years, and the rate hovers around 3 percent for much of the year. This greases the housing market with lower mortgage rates and helps businesses expand and add jobs. Meltzer says President Bill Clinton's long-term debt-reduction plan "gave people confidence to invest.''
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Sales of new single-family homes are up more than 5% from June 2015 and more than 25% from July 2014, according to new data from the federal government.
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