GDP grew at a real annual rate of 2.8% in the 4^th quarter of 2011.  The FOMC held constant its target federal funds rate and stated its intent to keep rates exceptionally low through the end of 2014.  Pending home sales declined 3.5% in December as new home sales fell 2.2%.  Durable orders were up 3.0% in December.  Initial jobless claims rose 21,000 to a level of 377,000 for the week ended 1/21.

• GDP grew at a real, annual rate of 2.8% in the 4^th quarter of 2011, according to the advance estimate. The 4^th quarter growth was an increase from previous quarters, but came in lower than the blue chip consensus expectation of 3.1% growth.  Based on the Q4 advance estimate, real GDP growth in 2011 was 1.7%.  This compares to real growth of 3.0% in 2010.
• The FOMC held constant its target for the federal funds rate at 0.0%-0.25% and also stated that it intends to maintain exceptionally low rates until at least late 2014.  Prior to this statement, the FOMC had said it would keep rates low through at least mid-2013. 
• Pending home sales fell 3.5% in December.
• New home sales edged down 2.2% to an annual pace of 307,000 units in December.
• Durable orders rose 3.0% in December.  Excluding autos, orders were up 2.1%.
• Initial jobless claims increased 21,000 to 377,000 for the week ended January 21^st.