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Today is Fed day

Untitled DocumentToday is Fed day

The two-day Federal Open Market Committee meeting ends today, culminating in an announcement at 2:15 p.m. Eastern. Look for an interest rate cut of one-quarter percentage point and some softer language in the first paragraph of the accompanying statement to convey a “wait-and-see” approach to further Fed meetings.

The first look at Gross Domestic Product, or GDP as its called by economists and anyone that doesn’t want to type out the full name in his or her blog, was released this morning. As measured by GDP, the economy eked out a gain of 0.6 percent in after-inflation terms during the first quarter. This is the same rate that was posted in the fourth quarter, and although it will be revised twice more in the coming months, gives the Fed sufficient leeway to make a smaller quarter-point cut at this meeting and adopt a somewhat softer stance with regard to further interest rate cuts.

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My wife and I filed for Chapter 13 bankruptcy that was converted to Chapter 7, which was discharged in February 2008. We tried to reaffirm both of our autos, and the bankruptcy judge would not allow it.
We had been continuing to make payments, and my wife’s car is now paid in full. However my auto is not, and I noticed on my credit report the account is listed as closed. I am still making payments on the car and still have possession of the car. (more…)