The Federal Reserve announced today that it is lowering the key interest rates that will likely result in a decrease in the Prime Rate of 50 basis points, or one-half a percent.At this very moment, the stock market is giddy with excitement and the Dow Jones Industrials are celebrating with a 300+ gain as of 4:00 pm. EST.
Will this decrease enable the U.S. economy to step back from the edge of a recession and avoid a credit crunch or will it simply stoke inflationary pressures?
I'll be at an evening event tonight for the Los Angeles chapter of the Turnaround Management Association. Between bites of crudites, I'll be asking my fellow attendees for their thoughts on how this interest rate cut will impact business loans. Will report back to you on Wednesday or Thursday.
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Tags : Federal Reserve , interest rates , prime rate , credit crunch
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