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Fed News   Fed announcement: Dec. 16, 2008
  The Federal Reserve's Open Market Committee cut the federal funds rate  
  to a target of 0 percent to 0.25 percent. When will this decision hit your wallet?  
Sign up for the Fed Alert
Table of contents

Breaking Fed news
 
The Federal Reserve set a target range for the federal funds rate from 0 percent to 0.25 percent.
 
Fed announces more than three-quarter-point cut
The Fed's decision will likely affect your pocketbook. What does the decision mean? Read on
Winners and losers of Fed's decision
Do the Federal Reserve's actions make you a winner or a loser? Read on
How soon will the rate cut hit you?
Here's how quickly the interest rates on mortgages, home equity loans, auto loans, credit cards, and interest earned on CDs, will change. Read on
Smart money moves after the Fed cut
Is now the time to buy a car? To go after a home equity line? Lock in a long-term CD? Read on
Glossary
Get help understanding some economic lingo such as GDP, PCE, monetary policy and more. Read on

The Federal Open Market Committee
The rate-setting Federal Open Market Committee meets at least eight times a year. Its members include the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and a rotating selection of presidents of the other 11 reserve banks. Its members are:
  • Ben S. Bernanke, Board of Governors, chairman
  • Timothy F. Geithner, New York, vice chairman
  • Richard W. Fisher, Dallas
  • Donald L. Kohn, Board of Governors
  • Randall S. Kroszner, Board of Governors
  • Sandra Pianalto, Cleveland
  • Charles I. Plosser, Philadelphia
  • Gary H. Stern, Minneapolis
  • Kevin M. Warsh, Board of Governors
  • Elizabeth A. Duke, Board of Governors
    		•

    Bankrate.com's corrections policy -- Posted: Dec. 16, 2008
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    TABLE OF CONTENTS
      Fed meets today
      Fed cut winners and losers
      How soon will it hit you?
      Smart money moves
      Glossary
    CDs and Investments
    Compare today's rates
    NATIONAL OVERNIGHT AVERAGES
    1 yr CD 3.10%
    2 yr CD 3.24%
    5 yr CD 3.64%
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