The Fed finished up its latest round of meetings and economists weren’t really expecting anything major and that’s exactly what they got. After a brief announcement following the two-day meetings not much of anything was revealed and some say that’s a good thing. The markets apparently likedfed lowers GDP expectations the news as well with both the Dow and S&P 500 making solid gains, with the S&P 500 reaching yet another high.

 It was also announced by the Fed that the continuing taper of the current quantitative easing program by another $10 billion to $35 billion per month. At the current pace, the program will officially end in about six more months with no indication that the Fed will alter its current reduction of $10 billion after each FOMC meeting. The Fed did say that they’re pulling back on their projections for GDP for the year from around 3.00 percent much lower to a range in between 2.1 and 2.3. That’s a considerable reduction and may indicate the Fed thinks the first quarter contraction might have had less to do with the weather than previously thought.

There’s also a hint that with lower economic predictions for the remainder of the year any anticipated rate cut in early 2015 appears to be pushed further out perhaps well into the second or third quarter. And even though yesterday’s CPI number was higher than anticipated the Fed said the overall inflation rate is still within its acceptable range and adjusted the upward project up a notch to 1.5 to 1.7 percent. Inflation appears to be way off the radar screen for the Fed and looks to be in control. That of course is only by removing the volatile food and energy groups. Food prices and crude have risen and it’s affecting consumer’s pocketbooks. We’ll just how much at the release of the Retail Sales report. In the meantime, mortgage rates for real estate investors should remain in their relative lows.