posted on Jun, 30 2004 @ 03:00 PM
The age of low interest rates are over......
Fed moves rates higher by quarter percent
The era of unbelievably low interest rates ended today as the Federal Reserve raised short-term interest rates for the first time in four years.
The Fedís Open Market Committee raised its federal funds rate from 1% to 1.25%. The increase was the first since a 0.5% rise in rates on May 16, 2000,
and it is expected to be the first of a series of increases that will move the fed funds rate to 2% by the end of this year. In a year, said UBS
Financial Services Economist Maury Harris, look for the rate to hit 3% and possibly 4%.Check out your options.
[edit on 30-6-2004 by quadricle]