September 18, 2024 | njspotlightnews.org
Credit: Image by Gerd Altmann from Pixabay
The Federal Reserve on Wednesday (9/18) cut a key interest rate by a half-percentage point, to a range of 4.75%-5%, in what was a more aggressive move than some economists expected.
Read More: Click Here
NJ SEED: It is virtually unprecedented for the Federal Reserve Bank to adjust interest rates in the third quarter of an election year. Benefits from the rate cut announced last week will soon be realized by many in NJ. Credit card rates having soared to the 30% range should soon be dropping. Rates on new mortgages are already happening and soon will be realized by those holding adjustable-rate mortgages. Consumers seeking to buy new cars will also see lower interest rates. The Fed is promising to cut interest rates one or more times before the end of the year.
Comments