The March 22, 2023 Fed Rate hike and Press Conference was the “Super Bowl” of all Fed meetings this year. It may appear rather uninteresting at first, but Jerome Powell made some pretty firm statements about the Federal Reserves mission and what they’re willing to let happen in order to accomplish their core tasks of:
- Reducing inflation to 2%
- Restoring price stability to the markets
- Softening the labor market (increasing unemployment)
The mortgage market will reflect each of these items as we continue to Predict, Prepare, and Persevere the days ahead.