Fed Cuts Short Term Rate a Half Point!!!
September 18th 2007 12:17 pm
I don’t know what the instant effect is for you but my stock account just went up 5% today on news of the rate cut. I saw the news and made that same face TD Jakes did when I heard about it…
Fed cuts short term rates by half a point…
The central bank’s rate-setting committee lowered the target for the federal funds rate by half a percentage point, to 4.75 percent. The prime rate will fall to 7.75 percent. Consumer interest rates based on the prime rate — mainly home equity lines of credit and most variable-rate credit cards — will fall a half-point in coming weeks.
Bloomberg - Fed Lowers Rate to 4.75 Percent, First Cut Since 2003
“Today’s action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets,” the Federal Open Market Committee said in a statement after meeting today in Washington. The central bank will “act as needed to foster price stability and sustainable economic growth.”
