FOMC participants downgraded their growth forecasts appreciably, relative to June, reflecting much gloomier data since then. But the gloomier data were already factored into the August and September decision: Today's forecasts provide no new hints about future policy. This is from a commentary that was published on November 2, 2011. Contact Macroeconomic Advisers

We don't expect the announcement of any major initiatives at the end of the November FOMC meeting. Next week will be mostly about exploring ways for the FOMC to communicate better with the public. This is from a commentary that was published on October 28, 2011.

Today the FHFA announced changes to the HARP program intended to make it easier for borrowers with high loan-to-value (LTV) ratios to refinance their fixed-rate mortgages to take advantage of today's low interest rates.

As part of his plan to stimulate job creation, President Obama “instructed his economic team to work with Fannie Mae and Freddie Mae, their regulator the FHFA, major lenders and industry leaders to remove the barriers that exist in the current refinancing program (HARP) to help more borrowers benefit from today’s historically low interest rates.”[1] One estimate is that if 37 million mortgages owned or guaranteed by government agencies and government-sponsored enterprises (GSEs[2]) were refinanced at today’s interest rates, borrowers would initially save as muc