Today, yet another article in the Lakeland Ledger about the aganst the Federal Reserve is going through in deciding whether or not to raise interest rates. I believe a better course would be to state their policy as, "we are leaving interest rates where they are for the foreseeable future." And shout up about it. What they have been doing is breeding uncertainty and fear in the financial markets and in the general public among those who pay attention to what is happening in the world. Ever since 09/11/2001, we have been hearing that interest rates are going to increase one day. The opposite has actually happened and now they can not go any lower.
An interest rate increase at the present time would most assuredly slow the residential real estate market in the Winter Haven and Lakeland area. Income increases in this part of Florida have been low to non-existent. A rate increase would take some out of the market, especially first time home buyers.
I think there are some on the Fed who like hearing themselves talk and like seeing their names in the news. It is my opinion that they need to go back to their bank, take a seat and stop making statements that only cause economic problems and not solutions. What do you think? Let me know.