See yesterday's post on speculation about what the Fed might do in light of the latest numbers on the economy: More Musings on Interest Rates. This continues the thoughts commenting on today's news.

The consumer price index (the most important measure of inflation concerns) rose less in July than it had in June, and both increases where modest.  The "core" price index rose a bit more quickly than the overall index -- matching June's increase.  Since the Fed read the June tea leaves as not requiring a rate cut, it seems unlikely that they would read these as requiring them to cut rates to give the economy a boost.

As an aside, it's hard to figure out why gas prices are falling in the middle of the summer. We could bring out the conspiracy theorists on this, but I won't.

For a "on the one hand -- on the other hand" analysis of what all this means for the overall economy, check out this mornings news from the Wall Street Journal. 

My suggestion:  If you need housing, want to move up, or want a second home, now is a good time to buy. You'll have a selection of homes at prices you have not seen in years and rates are reasonable.

Follow this link for Flagstaff real estate

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