Oops He Did It Again!

(Source: ABC News Photo Illustration)

Hello Hampton Roads,

As expected today, the Fed dropped the Federal Funds rate another 50 basis points to 3%.

Voting "Yea" for the additional rate cut:
Ben S. Bernanke, Chairman
Timothy F. Geithner, Vice Chairman
Donald L. Kohn
Randall S. Kroszner

Frederic S. Mishkin
Sandra Pianalto
Charles I. Plosser
Gary H. Stern
Kevin M. Warsh

Voting "Nay" (with a preference to keep the current rate):
Richard W. Fisher

Additionally, the Fed discount rate was also cut 50 basis points to 3.5%.

The stock market liked it and stocks rallied on the news but what about the housing market? The housing market doesn't respond that quickly and unfortunatly, there is no short term fix.

Only time will tell.

*For Additional Information please visit: The Fed Rate Cut and What's in it For You


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