The Fed left the Fed Funds Rate unchanged again today for the eighth time in a row after 17 consecutive hikes.  None of this is news to us.

The Fed's press release, though, highlights a key theme about our country's economy:  inflation may be moderating, but we are far from in the clear. 

In other words, there are still a handful of outside factors that could push the Fed back out of their "comfort zone" and force them to raise the Federal Funds Rate.

Mortgage rates were up only slightly after the Fed's remarks which were neither tough nor soft on inflation and the economy.

Source
Parsing the Fed Statement
The Wall Street Journal Online
June 28, 2007
http://online.wsj.com/mdcapp/public/page/2_3024-info_fedparse_shell.html