We also said that the Fed would keep buying $ billion per month in securities until “substantial further progress” was made toward our dual-mandate objectives. It is important to stress that views varied among FOMC participants on what was “some time” and “substantial further progress.” The metrics for achieving these outcomes also varied across participants.
As I said, the fundamentals remain sound, and even though sales have leveled off recently, prices have continued to rise even over the past three months. That suggests that supply may be restricting sales more than weaker demand. But we will have to wait and see how the remainder of the spring and summer plays out.