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Are We Seeing Signs Of Economic Growth?
Are We Seeing Signs Of Economic Growth?
 
Hi, Joe Gonzalez here of the Hope Mortgage Team of Gateway Funding DMS, L.P. in Plymouth Meeting, PA. I have some interesting news to share with you this week.
The minutes of the Federal Reserve's Federal Open Market Committee meeting held October 29 and 30 were released Wednesday. The meeting began with a report from the Manager of the System Open Market Account and included updates on developments within domestic and foreign financial markets.
According to the report, no intervention by the Federal Reserve was required on foreign currencies during the period between the last and current FOMC meetings.
FOMC: Key Data Delayed by Shutdown
The FOMC noted moderate economic growth in the period since its last meeting, but also noted that several federal agencies delayed release of key statistics due to the government shutdown in early October. The FOMC minutes included updates on several economic sectors including:
Labor: Private non-farm payrolls for September increased at a slower rate than for August and the unemployment rate remains high at 7.20 percent. The FOMC has set a target unemployment rate of 6.50 percent as a benchmark for considering changes to the Fed's quantitative easing program, ... more

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