3 things NOT to do with your savings now that the Fed has cut interest rates

Jacob Passy
3 things NOT to do with your savings now that the Fed has cut interest rates

The Federal Reserve announced Wednesday that its Open Market Committee had voted to cut the federal funds rate by 25 basis points to a range of 1.75% to 2%. The federal funds rate is the benchmark interest rate that banks use when lending to one another. Interest rates on loans and deposits are typically influenced by the Federal Reserve’s decisions vis-à-vis the federal funds rate.