November 7, 2024
Your interest rates were just cut by another quarter percent today furthering this economy.
That means you’re going to start seeing decreases in new mortgage rates, credit card rates, personal and business loan rates among other things – and that’s all because the fed believes the economy is in good shape and the numbers prove it’s moving in the right direction closer and closer to the fed’s 2-percent inflation goal with maximum employment.
And I know lots of you aren’t feeling that in your wallet. And I’ve been telling you why on my page for a while – but finally today—the fed chairman acknowledged you and what you’re going through. Perhaps his explanation about why you aren’t feeling it yet will help you understand when you’ll start felling it.
The interest rate is now at 4.5%-4.75% and the fed has plans to continue to cut rates throughout 2025 if the economy stays on the path it’s on now. Perhaps as many as four more quarter percent cuts. But that is not set in stone and we will learn much more when the federal reserve meets one last time this year in December.
Watch the Federal Reserve chairman here.
