As you've no doubt heard, the Federal Open Market Committee concluded its meeting at 2PM today and announced that the Federal Funds and Discount Rate will remain at current levels.

If you missed the blow out, fixed mortgage rates have rocketed higher by a point (give or take) in the last couple of weeks. This despite more than a trillion dollars of federal money intended to keep mortgage rates low.

I prefer a strong dollar for eternity, but right now I feel about the dollar what St. Augustine felt about chastity. To paraphrase his notorious prayer, "Lord, make our dollar strong, but not just yet." - Bob McTeer, former President of Dallas Federal...