This week, the Federal Open Market Committee (FOMC) is holding their March meeting where they could, just possibly, decide to increase the benchmark Federal Funds Rate again. According to one survey by CNBC, the vast majority expect rates to remain unchanged. In that same survey, nearly all the respondents believed a rate hike was likely in the June meeting.

I have written in the past on the impact of these FOMC meetings on the mortgage market – here, here and, most importantly, here. Today, instead of more technical analysis, I thought it would be more fun to bring to your attention a satirical perspective on interest rates from country music singer Merle Hazard. Never heard of him?  Well, you’re in for a real treat.

Five minutes well spent on U.S. macroeconomic policy. What could be better in the week of an FOMC meeting. Enjoy.