Fed rate cut: Expert explains effect on mortgage rates, CDs
Federal Reserve officials cut the federal funds rate, or the borrowing rate banks charge each other, by 25 basis points, or 0.25%, on Wednesday. The central bank's rate-setting committee, the Federal Open Market Committee (FOMC), announced on Wednesday that the target range for the federal funds rate was now 4.25% to 4.5%. Federal Reserve Chairman…
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