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The Fed makes historic move
The Fed made a historic and agressive move on Tuesday, when it cut the federal funds rate from 1% to a range of 0% to 0.25%. The federal funds rate is the rate banks charge one another for overnight loans.
What this means for the consumer is that loans based on the prime rate, such as car loans, credit cards, and student loans, should also follow a similar path, making it more attractive for consumers to borrow.
