Yesterday marked the end of an era, as FED Chairman Ben Bernanke gave is his last FOMC statement and speech. Janet Yellen, his successor takes over February 1st, 2014. Yellen is expected to continue Bernanke’s easy money policies, but she could also strike a new tone within the FED ranks. Yellen was born in Brooklyn NY and has been the President of the Federal Reserve Bank of San Francisco. She was also a lead economic adviser to President Clinton in the late 90’s. She was educated from Brown University and earned a Ph.D in economics at Yale.
This means that her first FOMC statement and the FED’s first policy meeting with her at the helm on March 18-19 will be extra important and could have a greater impact on markets and interest rates. She takes over a FED that has begun it’s exit from the Quantitative Easing policy and is expected to wind down this QE by the end of the year. How might this impact the local San Diego mortgage market and the rates mortgage broker’s can offer? Only time will tell.
About the Author ~Since 2003, Beau has been a mortgage professional and has successfully closed over $100 Million in mortgages. He is the Founder and Senior Mortgage Advisor at Transparent Mortgage and has worked for Luxury Mortgage, Bank of America and Impac Funding. Beau is truly committed to serving the needs of his clients and raising the industry standards for integrity and transparency.
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