Federal Reserve Statement Provides No Details on Rate Hike Timing

The Federal Reserve didn’t reveal any clues in its April statement about when it will raise short-term interest rates. TheStreet's Scott Gamm speaks with Steve Blitz, chief economist at ITG to discuss his reaction to the Federal Open Market Committee's April statement and the importance of the housing market in the coming months. '[The Fed] is going to be set in a situation where they need the housing market to pick up because nothing else is really going to lift the economy,' he said. 'We’ll get stronger housing data in the second quarter, but is it going to be strong enough to offset everything else?'