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0% to .25% Fed Funds Rate

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John Beagle View Drop Down
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    Posted: Dec 16 2008 at 2:40pm
The central bank on Tuesday said it had reduced the federal funds rate, the interest that banks charge each other, to a range of zero to 0.25 percent. That is down from the 1 percent target rate in effect since the last meeting in October. Many analysts had expected the Fed to make a smaller cut to 0.5 percent.

Federal Reserve Chairman Ben Bernanke and his colleagues also pledged to use "all available tools" as they struggle to contain a financial crisis that is the worst since the 1930s and a recession that is already the longest in a quarter-century.

The Fed also made clear that it intends to keep the funds rate at extremely low levels.

"The committee anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time," the central bank's panel that sets interest rates said in a statement.

The Fed's decision is expected to be quickly matched by a reduction in banks' prime lending rate, the benchmark rate for millions of business and consumer loans. Before the Fed announcement, the prime rate stood at 4 percent.

John Beagle

Middletown USA

News of, for and by the people of Middletown, Ohio.
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John Beagle View Drop Down
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Joined: Apr 23 2007
Location: Middletown
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Points: 1855
Post Options Post Options   Thanks (0) Thanks(0)   Quote John Beagle Quote  Post ReplyReply Direct Link To This Post Posted: Dec 16 2008 at 2:41pm
This could cause mortgage rates to drop to as low as 4%!

Then we can all refinance and save big money.
John Beagle

Middletown USA

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Middletown News View Drop Down
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Joined: Apr 29 2008
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Middletown News Quote  Post ReplyReply Direct Link To This Post Posted: Dec 16 2008 at 2:44pm
Amazing rates. Now if banks would just release some cash into the market so we all can get loans.
 
Possible huge comeback in the auto and housing markets. Especially since homes and autos are prices to move.
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Josh Van Cleave View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Josh Van Cleave Quote  Post ReplyReply Direct Link To This Post Posted: Dec 16 2008 at 3:53pm
May have to consider refinancing at those rates...
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Middletown News View Drop Down
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Joined: Apr 29 2008
Location: United States
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Middletown News Quote  Post ReplyReply Direct Link To This Post Posted: Dec 16 2008 at 6:02pm
Consider smidder. 4% will save anyone big bucks each month. It's a no brainer.
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