DAVENPORT, Iowa — Your interest rate on your credit card bill is expected to remain low this year.
In March of 2020, the Federal Reserve slashed short term interest rates to near 0%, according to Financial Advisor Mark Grywacheski.
Will that continue into 2021? Grywacheski got into the news Monday, January 4th. He says that will, and it'll likely stay that way through at least 2023.
"Despite the strong recovery, the economy is still somewhat in a fragile state," Grywacheski said Monday morning. "The Fed doesn't want to raise interest rates and risk prematurely halting this economic recovery."
He says The Fed's goal was that low interest rates would increase spending and help boost the economy hurt by the pandemic. Your Money with Mark airs in-between 5 and 5:30 a.m. every Monday during Good Morning Quad Cities.