Market locks in historic rate cut

On July 31, the Fed cut interest rates for the first time since the financial crisis. However, those looking for cheap stocks to buy faced only disappointment, at least for now.

It’s been nearly 11 years since the last rate cut and no one knows exactly what will happen this time. It might usher in a new era for mortgage rate shoppers. Rates are already in the high 3s.

The Federal Open Market Committee (FOMC) meets eight times a year to determine the federal funds target rate. The current federal funds rate as of July 31, 2019 is 2.40% . Federal Funds Rate – Historical Annual Yield Data

The Federal Reserve Board of Governors in Washington DC.

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Poor jobs data this week may tip the balance in favor of another rate cut by the Reserve Bank of Australia, providing a catalyst for the Aussie to extend its recent 10-year low and test the.

It also forms the basis for mortgage loan rates, credit card annual percentage rates (APRs), and a host of other consumer and business loan rates. The Fed lowered its interest rate to 0.25 in.

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The current fed funds rate is 2.0 percent. But there were times in history where the nation’s benchmark interest rate was well above its sweet spot. That was to curb runaway inflation. Since 2008, it’s been well below to stimulate economic growth.

Mortgage rates were mostly unchanged today, which will come as a surprise to scores of consumers who mistakenly believe the Fed’s 0.25% rate cut equates to a 0.25% drop in rates. The Fed does not.

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Although the rate cut had been widely telegraphed in advance of Wednesday’s announcement, the stock market reacted negatively.

A historic rate cut come Tuesday is expected to save thousands for some homeowners, with the market now locking in a fall to 1.25 per cent – and the potential for more to come.

The rate cut rally has helped drive the S&P 500 up 8.7% since May. The market appears to be in a "bad news is good news" mode. This creates heightened risks, especially since EPS growth forecasts.