Federal Reserve Has No Plans to Raise Rates Soon
Category: Uncategorized- fhuff- 2:02 pm/ October 10, 2009In financial news this week Federal Reserve officials said they don’t expect a change in interest rates anytime soon. Fed Chairman Ben Bernanke had indicated the Fed might raise interest rates sooner than expected. Some economists think that a change could come as early as April.
Bernanke’s comments helped lift the U.S. dollar, which had been hurt by financial news on the economy that included a worrisome jobs report last week. The U.S. unemployment rate was 9.8% in September, the highest rate since 1983, according to the Bureau of Labor Statistics. The Senate may vote next week to extend unemployment benefits.
Not raising interest rates means that those who put money in savings accounts, certificates of deposit, and money market accounts will likely continue to see low rates of return on their money for some time to come. Currently, money market rates are averaging 1.31% APY, savings accounts are 1.48%, and one-year certificates of deposit are 1.68%.
Although savings rates remain low, it’s not a good idea to base your savings plan on moves in the economy. Stay consistent with your savings goals and continue to fund savings, money markets, and CDs on a regular basis to build up your nest egg.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.79 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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