The Federal Reserve Wednesday cut interest rates a half of a percentage point. That lowers the federal funds rate to between 4¾ and five percent. CNBC noted while the rate sets short-term borrowing costs for banks, it affects many consumer products including auto loans, credit cards and mortgages. Ann Zeilingold is Vice President of FM Home Loans in New City, and she says the mortgage industry could see rates gradually adjust in the future…
WRCR market analyst Connor Mahoney of Mahoney Asset Management in Chestnut Ridge says the move could result in lower inflation and keep jobs intact…
Wednesday’s Fed interest rate cut was the first since the early days of the COVID pandemic. Besides COVID, the last time the rates were cut that much was in 2008 during the global financial crisis.