This is the 2nd cut in just over a weeks time! The Fed. decreased the federal funds rate which impacts consumer loans. Today’s cut was 1/2 of a percentage point, and with last week’s 3 quarter point cut, the key overnight lending rate is now at 3%. This is the lowest point since the middle of 2005!
The Fed is also showing signs of cutting rates even more in the future. This is the type of aggressive action that we need to stimulate our countries economy!