Market Update 3/14/22

Mortgage rates surged Monday ahead of this week’s Fed meeting. Investors are anxious about the Federal Reserve’s plans to combat inflation, which was recently made more complicated by rising energy prices. Last week, the Consumer Price Index for January reported 7.9% year-over-year inflation, a 40-year high. The period covered in the report was prior to the recent spike in oil prices resulting from Russia’s attack on Ukraine, leading many to believe the worst is yet to come. The Fed begins its two-day meeting tomorrow and will release a policy statement at 2:00 PM Wednesday. Rates are likely to remain volatile in the meantime.

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