Is the Fed Ready to Raise Interest Rates?

The Federal Reserve may be getting ready to give interest rates another bump, according to meetings minutes published last week, the Real Deal reports.

The central bank raised rates in December 2015 for the first time in almost a decade, but declined to make further raises amid capital market turmoil and uncertainty over the fallout of the Brexit vote. The newly released minutes show the Fed is confident in the U.S. economy, making future interest rate hikes more likely.

The Fed makes monetary policy in part by setting a target range for the federal funds rate – the benchmark interest rate banks charge each other for overnight loans. Higher short-term rates tend to spill over into higher long-term interest rates, which raise the cost of real estate financing and can put downward pressure on property prices.

"Downward pressure on property prices" would be music to the ears of most New Yorkers.