July 31, 2019 at 2:40pm | Bob Myers
Today, to help stave off the possibility of an economic downturn, the Federal Reserve lowered interest rates for the first time since the recession in 2008.

Policymakers led by Fed Chairman Jerome Powell voted 8-2 in favor of a small cut in the federal funds rate, and recommitted to their promise to "act as appropriate" to sustain the country's longest economic expansion in history.
Interest rates, which affect the cost of borrowing for credit cards and mortgages, are now set to hover between 2% and 2.25%.
The central bank is hoping a rate cut will be the necessary injection to keep the US economy healthy, especially because it has limited ammunition to respond to a downturn with historically low interest rates.

Policy makers in their statement said they would "continue to monitor" incoming data and would act as needed to support the economy. Investors interpreted that as a signal that the central bank may be prepared to cut further, if needed, should uncertainties persist.

The Fed will still need to justify the decision move forward with a rate cut given some prevailing strength in the economy. Since their last meeting in June, the job gains, retail sales and economic growth have been stronger than thought.

Is now the right time for you to purchase a home? If you've been on the fence, now is the time you may want to hop off and do it!

Please consider The Myers Team your resource for all things real estate.  We have over 30 years of real estate experience, specializing in the Montgomery County area.  If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at  301-910-9910 or email me at bobmyersteam@gmail.com.  


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