On Sunday the Federal Reserve lowered the fed funding rate to near 0% and injected $700b in quantitative easying. This is to help stimulate the economy and prevent the US from entering into a recession. But what does this mean for the average consumer? It means you will now receive less interest on your savings account and may lose more money to inflation. It also means the banks will lower your interest rate on things like credit cards, student loans, personal loans and Home Equity Lines of Credit. Eventually, this will impact the rates on your home mortgage but it may be delayed by a few weeks.
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