While the last moves to the discount window and Fed Funds rate served to stabilize shaky financial markets, there has been little ancillary effect with regards to housing or hiring, at least so far. Home sales remain in a deflating pattern likely to continue for a while (some estimates call for improvement by next spring; others, not until perhaps 2010). The Fed may again trim interest rates, but as we noted last week, the cost of money is only one factor; the availability of funds to those who want or need them is perhaps more important
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