EAST LANSING, Mich. (AP) - A Michigan State University student has raised more than $3,000 to help pay for damage done to a stranger's car by rowdy Spartan fans after the school's football team stunnedget more >>
EAST LANSING, Mich. (WLNS) - The East Lansing Police Department and Michigan State University Police are looking for information that leads to a conviction. They're offering up to $20,000 as a rewardget more >>
15 people were arrested that night, including 12 students and one MSU graduate studentget more >>
EATON RAPIDS, Mich. (WLNS) - A 51-year-old Eaton Rapids woman is recovering in the hospital after police say she was found beaten and unconscious. It happened inside an apartment in the 600 block of Forestget more >>
April 16-22 Help Haven House win new floors by voting here. Children's Organ Transplant Association Benefit - Friday April 20 at the Frist Presbyterian Church on West Ottawa Street in Lansing. For more
The president of the MSU Alumni Association has harsh words for the people who are burning couches, trees, and setting other fires in the wake of the Spartans' victory over Ohio State - a win that sendsget more >>
"True Spartans do not burn things, break laws or mess with my Spartan Cops" he saidget more >>
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SOURCE Fannie Mae
Current Forecast Largely Unchanged, but Future Remains Cloudy
WASHINGTON, Oct. 17, 2013 /PRNewswire/ -- Incoming economic data show that growth slowed in the third quarter, although recent fiscal risks threaten a previously expected pickup in growth in the current quarter, according to Fannie Mae's (OTC Bulletin Board: FNMA) Economic & Strategic Research Group. Consumers remain key to the outlook, but factors such as the recent federal government shutdown and the furlough of 500,000 workers, as well as the debt ceiling debate, which was resolved temporarily on October 16, appear to be weighing on consumer confidence and tempering real consumer spending. As a result of the fiscal events and the slowing momentum in economic activity from the second quarter to the third quarter, full-year growth is expected to come in at 1.9 percent, a slight downgrade from 2.0 percent in the prior forecast.
"Our October economic and housing forecast is largely unchanged from the previous forecast as we anticipated the modest levels of consumer spending seen toward the end of the third quarter. However, fiscal uncertainties associated with the federal government shutdown, the protracted negotiations to raise the debt ceiling, and the timing of the Federal Reserve's tapering of its asset purchase program, pose significant downside risks to economic activity in the current quarter," said Fannie Mae Chief Economist Doug Duncan. "In particular, the contentious Congressional negotiations that led ultimately to Congress raising the debt ceiling may have a lingering effect on consumer attitudes and spending, as was seen following the 2011 negotiations."
"On the bright side, these fiscal policy issues appear to have had only minimal effect on the housing market to date, which continues to improve overall," said Duncan. "Notably, the rapid appreciation of home prices during the past year has contributed significantly to household net worth gains and may help to cushion some of the fallout from the fiscal policy debate. Also, the Fed's continuation of securities purchases will likely keep mortgage rates low, enabling more homeowners to take advantage of refinance opportunities."
For an audio synopsis of the October 2013 Economic Outlook, listen to the podcast on the Economic & Strategic Research site at www.fanniemae.com. Visit the site to read the full October 2013 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary.
Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.
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