When it comes to YOUR MONEY, we want to take it a step further. That's why Mark Grywacheski appears on Good Morning Quad Cities every Monday to give us his analysis of the latest business, economic, and financial news.
Mark gave us his analysis of the U.S. Federal Reserve's decision to lower the benchmark federal funds rate by 0.25%, on Monday, Sept. 23. Including July, this is the U.S. Federal Reserve's second rate cut this year.
"By lowering the rate, it inherently lowers the interest rates on short-term debt such as credit cards, short-term bank loans, home equity lines of credit, and variable rate mortgages," he explained.
"The U.S. Federal Reserve’s objective is that by lowering interest rates, it lowers the cost of borrowing which stimulates consumer/business spending and helps boost economic growth."
During its September meeting last week, the U.S. Federal Reserve also gave its latest assessment on the state of the U.S. economy.
Click the video to hear what they said and if Grywacheski believes it alleviates some concerns about another possible recession.