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Mark Hemingway

Mortgage Market Update for January 22nd

Monday, January 22, 2018 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The U.S. government shutdown enters its third day as lawmakers failed to come to an agreement on Friday. Hundreds of thousands of government employees will be sent home today or told not to show up for work. As for the military, there will be no lapse in pay unless the shutdown continues past February 1. The Senate will reportedly take another shot at a short-term funding resolution vote today by 12:00 p.m. ET.

The International Monetary Fund (IMF) revised global economic growth to 3.9% for 2018 and 2019, slightly higher from its last update in October. The IMF cited the U.S. Tax Cut and Jobs Act for the revised growth which is expected to support growth in the U.S. and help its key trading partners. The IMF went on to say that the U.S. economy should grow by 2.7% in 2018, above the previous 2.3% estimated.

Janet Yellen's 4-years as Federal Reserve Chair ends on Wednesday January 31, 2018 with her 32nd and final meeting. During Yellen's term as Fed Chair, the nation's central bank implemented 5 rate hikes and began reversing the $4 trillion of bond purchases made over the 6 years of 2008-14 during "Quantitative Easing," a innovative program started under Fed Chair Ben Bernanke.

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