Our smarty-pants friends at the Federal Reserve announced today that they will once again hold its Fed funds rate at the 0 percent to 0.25 percent range. Here’s the official press release from the Fed regarding its decision today and a translation (for the rest of us) from Quicken Loans Chief Economist Bob Walters.
Posts Tagged ‘prime rate’
Fed Holds Key Rate, Sees Strength in Economy
April 28, 2010What the Heck Is the Fed Funds Rate and Why Should I Care?
September 23, 2009The Federal Open Market Committee (FOMC) – a bunch of smarty-pants from the Federal Reserve Board and Federal Reserve Bank – meet eight times a year to talk about money issues, one of them being the federal, or “fed,” funds rate. The fed funds rate is the rate at which banks lend money to one [...]
Is the Rate on Your Credit Card Dropping?
February 6, 2008Do you know where the interest rate on your credit card currently stands? With the recent drops in the Fed Funds Rate, the Prime Rate — or the interest rate that many credit card companies use as a base to establish how much to charge you in interest — has plummeted as well. In fact, [...]
So the Fed Cut Rates… What Does This Mean?
December 11, 2007The Federal Reserve — aka “the Fed” — lowered the Fed funds rate today by 1/4 point to 4.25 percent. Great, but what does that really mean?
