How Fed Rates Influence Credit Cards, Loans, Savings and More

Published On Nov 7, 2024, 12:03 PM

The Federal Reserve is poised to reduce its key interest rate by 0.25% after a half-point cut in September, marking the first reduction in four years. With a current benchmark rate of approximately 4.8%, expected further cuts by the Fed could lower borrowing costs for consumers, impacting loans tied to credit cards, auto rates, and mortgages. Although rates have been trending down, stronger economic indicators and the potential changes in economic policy under an incoming President-elect could influence future cuts and economic recovery.

Read full article

Stock Forecasts

GMView GM chart on TradingView

Positive

With anticipated interest rate cuts from the Federal Reserve and possible incentives in the auto market, companies in the automotive sector may benefit from increased consumer spending and financing options. Additionally, falling interest rates will help lower borrowing costs for consumers, which could enhance spending across various sectors.

Related News

Last minute Trump promises — from more tariffs to less chip money — add final wrinkles to 2024 contest

Nov 5, 2024, 8:26 AM

New economic policy promises typically aren't rolled out during the final weeks of a presidential campaign. But that's one more norm Donald Trump and his allies have been upending in recent days.

GM
INTC

G.M.’s Electric Vehicle Sales Surge as Ford Loses Billions

Oct 29, 2024, 11:49 AM

Ford is struggling to make money on battery-powered models while General Motors, which started more slowly, says it is getting close to that goal.

F
GM

Americans shift to more affordable cars as prices, insurance costs increase nationally: report

Oct 22, 2024, 7:05 PM

American consumers are voting with their dollar at car dealerships nationwide, where both average car costs and average insurance rates have spiked in 2024.

GM
F