interest rate

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Fed Keeps Key Interest Rate Unchanged

But hints at rate increase before end of year

(Newser) - The Federal Reserve is keeping a key interest rate unchanged but sending a strong signal that it will likely boost rates before the end of the year, the AP reports. The Fed said in a statement Wednesday that the US job market has continued to strengthen and economic activity has... More »

Rate Debate Reaches Fever Pitch Ahead of Fed Meeting

Chair Janet Yellen has said there's a strong case for a rate hike—but pushback continues

(Newser) - "Let's get on with it already." That's the opinion of one investment strategist ahead of the Federal Reserve's two-day rate meeting starting Tuesday, calling for Chair Janet Yellen to push for a rate increase that many are still wary of implementing. Per Reuters , a good... More »

Can You Pass a Basic Test on Finances? Probably Not

The vast majority of Americans answered barely half of the questions correctly

(Newser) - When it comes to finances, Americans are doing generally better than during the recession. But when it comes to financial literacy, the picture is grim. According to a new survey of 27,564 Americans called the National Financial Capability Study that was put out by the FINRA Foundation , roughly two-thirds... More »

Brexit, Jobs Report Sink Likelihood of Fed Rate Hike

Interest rate may not go up until at least December

(Newser) - Experts say the US Federal Reserve may wait until after Britain votes on whether it will leave the European Union before it raises the interest rate, Reuters reports. The Fed is meeting June 14, but the so-called Brexit vote isn't until June 23. If Britain leaves the EU, it... More »

Yellen: Fed's Rate Increase Is Defensive

She explains Fed's big move

(Newser) - After the Federal Reserve raised interest rates for the first time in nearly a decade , Fed Chair Janet Yellen stressed that the 0.25% rate hike was pre-emptive. Inflation still remains well below the central bank's 2% target, largely because of transitory factors such as falling oil prices. Yet... More »

Low Inflation Puzzles Fed as a Big Move Looms

2% target elusive, but it's not expected to deter Janet Yellen

(Newser) - The Federal Reserve is expected to raise its interest rates for the first time since 2006 when it meets this week, but some economists would like it to figure out just what is going on with inflation first. The central bank's target of 5% unemployment has been reached, but... More »

Janet Yellen Offers More Evidence of a Strong US Economy

Fed could raise its interest rate for first time in years

(Newser) - It's becoming more and more likely the Federal Reserve will raise its interest rates this month for the first time in nearly a decade, USA Today reports. The economy has already hit the Fed's goal of 5% unemployment and is closing in on its goal of 2% inflation,... More »

All Eyes on the Fed: What You Need to Know

Will Janet Yellen raise interest rates this week?

(Newser) - Will interest rates finally go up? Federal Reserve officials begin a two-day meeting today, with the financial world waiting with bated breath on Janet Yellen's subsequent announcement. "Anyone who uses money" will ultimately be affected, observes NPR, which offers a primer here . Other highlights in coverage:
  • 'Nail-biter'
... More »

Many Parents Have to Pay Off Dead Kids' Student Loans

Families often have little legal recourse in these cases

(Newser) - Probably the last thing parents mourning a deceased child want to do is deal with late notices from creditors—especially when those notices are for a student loan taken out by their lost loved one. That's what happened to pastor Steve Mason, who found himself saddled with a $100,... More »

Senate's Student Loan Plan Cuts Rates—for Now

Undergrads would be able to borrow at 3.85% interest this fall

(Newser) - A Senate deal is set to lower interest rates on student loans for the next two academic years—but rates could climb after 2015, the AP reports after speaking to aides. Still, in the deal—set for a vote as soon as today—Democrats ensured that undergraduates would never face... More »

Fed: Don't Expect Rate Hikes Until 2014

Benchmark rate is probably staying put for a long time

(Newser) - The Federal Reserve assured consumers and businesses today that they'll be able to borrow cheaply well into the future. The Fed said it's unlikely to raise its benchmark interest rate before late 2014, extending its time frame by at least a year and a half. The Fed said... More »

2 Americans Win Nobel Prize in Economics

Thomas Sargent, Christopher Sims studied effects of tax cuts, interest rate hikes

(Newser) - Americans Thomas Sargent and Christopher Sims won the Nobel economics prize today "for their empirical research on cause and effect in the macroeconomy," the Royal Swedish Academy of Sciences announced. The prize committee said the winners have developed methods for answering questions such as how economic growth and... More »

Credit Card Rates Hit 9-Year High

Card makers jack prices in face of new regulations

(Newser) - Interest rates are tumbling for US Treasuries, companies, and home-buyers. The prime rate is extremely low. Yet for some reason, credit card companies are charging more and more, with average rates hitting a nine-year high of 14.7% in the second quarter, the Wall Street Journal reports. Companies say they’... More »

Fed Holds Rates at Record Lows

Bernanke & Co. want to keep driving recovery

(Newser) - The Federal Reserve is sounding a more confident note that the economy is strengthening and pledges to hold rates at record lows to make sure it gains even more traction. Wrapping up a two-day meeting today, the Fed in a 9-1 decision retained its pledge to hold rates at historic... More »

Kiss Cheap Credit Goodbye

For those who can't remember 1981, rates are headed up

(Newser) - There's a generation of consumers out there that can't fathom 8% interest, much less 1981's peak of 18.2%, but the days of free or cheap money are coming to a rapid close. With national debt ballooning, inflation looming, and government props that suppressed interest rates ending, the cost of... More »

Fed Keeps Rates Low

But central bank sees hope amid slow recovery

(Newser) - The Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an "extended period" to keep the recovery going and drive down double-digit unemployment. But in a more upbeat assessment, the Fed says the US economy has "continued to... More »

Fed Leaves Rate at Record Low

Says it wants to foster recovery

(Newser) - The Federal Reserve today held a key interest rate at a record low and again pledged to keep it there for an "extended period" to foster the fragile economic recovery. The Fed says economic activity has "continued to pick up" and that the housing market also has grown... More »

Bailout Is Bad News for Savers

Banks get trillions, fixed-income investors get screwed: Sloan

(Newser) - Not fed up enough with just putting your taxpayer dollars directly on the line to bail out the nation’s banks? Allan Sloan has latched on to some insidious “collateral damage” from the government’s rescue plan, those trillions spent “to keep interest rates down to support the... More »

BofA Cardholder Rips 'Thieving Bastards'

Foe of 'usury and plunder' won't pay 'til CEO watches video

(Newser) - A California woman who says she kept paying her credit card bill even after she lost her job has had enough: She's pledging not to pay down her Bank of America account until the creditor lowers her interest rate, the Huffington Post reports.. It’s “the proverbial first... More »

Credit Cards Cut Deadbeats More Slack

With unemployment rising, companies modify, reduce debt

(Newser) - With unemployment nearing 10%, credit card companies are doing something once unheard of: forgiving debt, or modifying it in the customer’s favor, the Washington Post reports. Companies are loathe to discuss the practice, lest it inspire more delinquencies, but according to one industry report, roughly 3 million people got... More »

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