In a surprise move, the central bank cut the discount rate to 3.25% from 3.5% over the weekend, as a way to make cash more accessible to strapped banks. The move, which applies only to the Fed's short-term loans, was considered a surprise by many because it came only two days before the Fed's regularly scheduled policy meeting. At tomorrow's meeting, the Fed is expected to cut the fed funds rate (a consumer lending rate) by a full percentage point.
Stay tuned for more information on tomorrow's meeting, as well as information on how these cuts will affect you as a homeowner or potential home buyer/seller...
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