What does it mean?
December 2008, the last time the FED cut interest rates: Unemployment was over 7 percent (and rising quickly), the stock market had lost a third of its value, and a major financial institution, Lehman Brothers, had just declared bankruptcy, rocking the financial system.
Today unemployment is at a half-century low (3.7 percent), the economy is growing at a healthy pace (over 2 percent) and the stock market is sitting at record highs.
Congress gave the Fed two mandates: to keep unemployment low and prices stable. By about any measure one can look at, the Fed has achieved those goals. The job market is strong, and inflation remains surprisingly low.
What does it all mean? Depends on who you talk to. Me, I’ll take the glass half full–stocks should continue to rally, and mortgage interest rates will continue to be historically low. Great time to buy a Door County home, condo, or piece of land!!
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