10 Fast Facts About Interest Rates and Annuities

March 22, 2022 by Allison Bell

The Federal Reserve Board announced Wednesday that it will be phasing in a big increase in a closely watched interest rate — the federal funds rate.

That’s the rate big banks use when lending to each other.

The Fed hopes to move the rate up, in steps, to 1.9% by the end of the year, from near zero today.

The Fed does what it can to cut rates when the economy is weak, to help home buyers, and to help business owners who need to borrow money to expand.

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Originally Posted at ThinkAdvisor on March 17, 2022 by Allison Bell.