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As expected, the Fed cut its key lending rate to almost 0% today. Apparently, it’s in a variable range between 0% and 0.25%. Wow. I suppose the only good news here is that the Fed really has no more room to slash rates. All it can really do now is pump billions/trillions of dollars into the money [...] Back on 30 January 2008, I made a prediction. In response to the Fed cutting the rate down to 3%, I wrote: Where will it stop? Allow me to make a (hopefully erroneous) prediction – interest rates will hit 1.0% by Summer 2009. See for yourself. Alas, I regret to say that my prediction has come true, albeit about [...] (Rates may be out-dated. Please see the Current APY Wiki for updates) Can you believe it? This morning the Fed issued an emergency rate cut down to 1.5% (from 2%). While this is not unexpected – Wall Street has been crying and blubbering about a rate cut for a while now – the reaction of Dollar Savings [...] Once again, the Fed slashed interest rates – now down to 3%. Ouch. This is BAD news for savers. Watch for interest rates to continue their plummet. I predict that ING will be one of the first to slash rates (as usual). Where/When will it stop? Let’s take a look at past rates. Here is a link to [...] Earlier this week the Fed slashed the Funds Rate another 0.25%., which means that savings account rates nationwide will undoubtedly begin another session of racing toward absolute zero. ING Direct seems to be leading pack, as their rate just dropped down to 4.2% APY. Guess what? I don’t care. Ever since I simplified my setup, more of [...] In the past few days, we have witnessed the 50-point rate slash by the Fed and parity between the US and Canadian dollar. Now, savings interest rates have been dropping like flies. Is the sky falling? Yes. Yes it is. Run for cover now before it’s too late! Abandon all of your worthless US dollars before banks [...] |
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