The Federal Reserve’s decision to cut its short-term benchmark rate can mean different things for your mortgage, your student loans and other kinds of borrowing.
The Federal Reserve cut its short-term benchmark rate, dropping a quarter-percentage point to a range between 1.75% and 2%. This follows a landmark rate cut in July, the first since 2008.
Tensions in trade policy and fears of a slowing global economy likely spurred the Fed to cut rates at today’s policy-setting meeting. Last week, President Trump again called for Fed officials to lower interest rates to “ZERO, or less” on Twitter.
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