Fed Rate Hike Cites Strong Labor Conditions, Inflation

Following its policy meeting yesterday, the Federal Open Market Committee announced it raised the federal funds rate a quarter-point to 1-1/4 to 1-1/2 percent. In its statement, the FOMC noted the labor department “continued to strengthen” and economic activity “has been rising at a solid rate.”

MBA Retains Spencer Stuart for President/CEO Search

The Mortgage Bankers Association yesterday announced it has retained Spencer Stuart, a leading global executive search and leadership advisory firm, to assist with the search for the Association’s next President and CEO.