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		Market Mood Swings With Fed Statement By MEG RICHARDS AP Business Writer NEW YORK (AP) -- To the untrained eye, it looked like good news: The Federal Reserve offered an upbeat assessment of the job market and left a key short-term interest rate at a historic low, saying it could afford to "be patient" with its policy. But Wall Streeters were rattled by what the Fed didn't say - that it would leave rates low "for a considerable period," a line from previous statements that many interpreted as meaning a year or more. The idea that rates could rise as early as this spring or summer sent stock prices lower and bond yields higher, to the dismay of anyone shopping for a mortgage. The obsession with a few words confirms that interest rates are a serious issue for the markets. The expected rise in the federal funds rate, now at a 45-year low of 1 percent, will dent corporate bottom lines by raising the cost of their debt, and decrease the underlying value of their stocks. Concern about when the increase will come and how large it will be is likely to unnerve the markets further as investors try to anticipate the Fed's next move. But many economists say it's not that big a deal. "I think people should make much less of this than what they've done," said Sherry Cooper, chief economist at BMO Nesbitt Burns, who worked for the Fed from 1977 to 1982. "The difference to them between 'considerable period' and being 'patient' is not statistically significant. Patience is patience. No one can say how long it takes."   Back to Original Article: Mortgage News You Can Use   Continue with: Friday's money rates Cracks in the nest egg U.S. Steel Reports $27 Million Loss Growth Rate of Economy Slows /But gains in GDP fuel optimism Help Wanted for the Economy Growth Again, but Slower Refinancers Used Extra Money Wisely, Report Says
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