I laugh about those who seem surprised about no rate cut. Half a dozen of us said this was the case months ago. Market just did what it wanted, like it always does, and ignored the negative news, focusing only on the positive. That's fine. The market is a dumb beast, but as long as you know the stimulis and response pattern, you make money. As for a rate hike? This one I'm a bit more clouded on. I think what we'll see is just yapping about it, but no action until it's clear that housing is on firmer footing. I believe that is the only thing holding the Fed back from hiking.
The FED's job when not corrupted by politicians is to control money supply, they are not supposed to care about the state of the Real Estate market or the Stock market. The problem is the FED has been corrupted and is nothing more then a political / corporate tool. There will be a price for this sooner or later.
I didn't say that housing would rebound. I'm just saying that is the only thing that will allow the Fed to hike. It's a shame, really, because I agree with the the poster (Joab, was it?) who said the Fed should be concerned with other factors and not housing. As for the Fed never hinting at a rate cut, I didn't say that either. What I said was the market took the Fed statement and cherry picked the comments it wanted to see and ignored the writing on the wall. Not like that is strange. The market does that all the time.