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 0.60 %
- 1-year CD 0.92 %
- 2-year CD 1.47 %
- Money Market Account 0.37 %
- Savings Account 0.60 %
- 30-year Fixed Mortgage 4.27 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
-
If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you. Whether you work with the bank or you found a deal in the newspaper, simply click on the submit a bank deal on the right hand side and help us all out!
-
If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
-
Confused on what you should invest in? Let the GoTalkMoney.com community help you when it comes to investing into a CD. If you already know what you're going to invest in, please vote on the poll on the right. If you want to see the results and you don't know what to vote, simply hit "I'm Not Sure" to see the results.
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
