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The Fed cuts key interest rate half a percentage point
Ben Bernanke, chairman of the Federal Reserve cut a key interest rate to 1.5% A total of about half a percentage point in an effort to curb the disastrous effects of the slope of the U.S. financial crisis. Many economists have been comparing the current financial collapse of the U.S. economy of the Great Depression of 1929. The Fed decision to cut a key interest rate signals the utmost importance in the fight against financial crisis for two main reasons. First, Bernanke had put on hold its plans to cut recovery rate in June of this year due fears of inflation spike upward as a result of lowering rates. Secondly, this action rate cut was executed about 3 weeks before the meeting regular central bank.
The European Central Bank (ECB), Bank of England and central banks of Switzerland, Canada and Sweden have joined the Reserve U.S. Federal Bank to reduce interest rates. These actions helped echo the idea that the U.S. financial crisis has become a phenomenon pandemic.
So what the Fed cuts interest rates mean? Cutting interest rates could lead to more inflation, However, Bernanke and his colleagues recommend that this effect is not likely, since there is weak prospects for economic activity and have recently had a decrease Record energy prices (read: hooray … finally gasoline prices have become more reasonable.) Cutting the average interest rates decrease rates parallel to the lines of consumer home equity, revolving accounts (credit cards), and other lines of credit.
Even with the Fed's key interest rate cut and bailout package Bush, economists and consumers believe that the U.S. economy can remain weak well into next year.
If you are among this financial crisis can not get credit is necessary, perhaps a loan for a house, car, or a line of credit, repair your credit history can be your first step in the fight against their personal finances. Contact the law firm of Smith & Gromann, PA, by calling toll free 1-800-508-0041 or visit their website
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