Money Insights: Fed Watch and its Impact Post-Rate Cut
Fed Meeting Today: Summary of Key Highlights
The Federal Reserve met today and made a significant decision to cut interest rates by 0.5%, placing the federal funds range at 4.75% to 5%. Fed Chair Jerome Powell expressed optimism regarding the future of the US economy during the press briefing.
Implications of the Rate Cut for Your Wallet
As a result of the rate decrease, financing costs will likely lower for consumer products such as credit cards and loans. However, it might require more reductions before borrowers feel substantial relief. Homebuyers could see mortgage rates decline further, supported by anticipated rate cuts extending into 2025.
Impact on Savings
Expect ongoing reductions in savings rates this year, though some accounts still offer over 5% annual percentage yield. It's essential to stay informed on the best options available to maximize your returns.
Updates from the Sept. 18 FOMC Meeting
- How the Federal Reserve Affects Mortgage Rates in 2024
- What Does the Fed's Interest Rate Cut Mean for Your Credit Card Debt?
- Fed Cuts Interest Rates 0.5% to Head Off Risk of Rising Unemployment
- Mortgage Rate Predictions: How Low Can Rates Go After Jumbo Fed Cut?
- Best CD Rates Today, Sept. 18, 2024: The Fed Cuts Rates by 0.5%. Expect CD Rate Dips
- What an Interest Rate Cut Could Mean for Your Money
- Get Ready for Lower Savings Rates. Here's What Experts Say You Should Do Now
- Today's Mortgage Rates for Sept. 18, 2024
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.