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10-Year Reacts Favorably to Fed Comments

Fed funds target raised to 5%

May 10, 2006

By MortgageDaily.com staff


The Federal Reserve again lifted short-term interest rates and may continue doing so.

The Federal Open Market Committee announced today it raised the federal funds rate target by 25 basis points to 5%. The committee has increased the rate by a quarter-percentage point 16 consecutive times since June 2004.

In a related action, the Fed also announced it approved an increase of 25 BPS in the discount rate to 6%.

While inflation expectations remain "contained," the Fed continued to sound cautious on the outlook for inflation, as "possible increases in resource utilization, in combination with the elevated prices of energy and other commodities, have the potential to add to inflation pressures."

The Fed added that "some further policy firming may yet be needed to address inflation risks," emphasizing that "the extent and timing of any such firming will depend importantly on the economic outlook as implied by incoming information."

The wording changed somewhat from its March 28 statement of "some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance."

The committee further departed from its March statement, by saying economic growth has been "quite strong so far this year," but will likely "moderate to a more sustainable pace, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices."

The 10-year Treasury note yielded 5.12% at Wednesday's close, down from 5.15% prior to the Fed's announcement, according to MarketWatch.

Meanwhile, the 1-year Treasury-note yielded 5.01% at Tuesday's close, the Fed reported.


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