The Fed’s latest two-day sessions ended today and the stock and bond markets both liked what they heard from Fed Chair Yellen’s comments, even though the statements made are as vague as usual and give legendary Chairman Greenspan a run for his money with veiled comments.

However, thefed comments after meetings consistent phrase used by Yellen seems to be “considerable time” as in “We will hold rates for a considerable time...” This all too familiar refrain apparently tells investors that rates will hold steady at least until next year, easing fears the Fed will begin to raise rates at a quicker clip due to recent economic reports.

However, according to the Fed, they’re not convinced the economy is on sure footing and inflation remains low. Or as recent reports on inflation have noted, completely flat. The Consumer Price Index for August was released today and the core rate, the rate leaving out food and energy prices, was flat with no increase in prices for consumer goods. This after a tiny 0.1percent gain in July. There has never been a flat core reading in four years. In fact, when including food and energy, the CPI actually fell 0.2 percent due to falling oil prices. Inflation isn’t an issue nor will be for the foreseeable future.

Rates are now expected to stay in their current range with 30 year fixed rate loans for residential investment properties near 4.25 percent and under 4.00 percent for the 15 year product.  Properties bought and financed over the previous four years are probably not candidates for a refinance but the rates for a purchase make for a very attractive monthly payment. Combined with rising rents in most parts of the country real estate investments are still a very, very attractive option.