RateAPY

Bernanke Said Interest Rates To Remain Low

Posted by: RateAPY Bank Rates News
March 25th, 2010

As mentioned earlier in the week, today, Thursday March 25, 2010, Federal Reserve Chairman Ben Bernanke gave his scheduled testimony to the House Financial Services Committee regarding how the Fed intends to unwind the extraordinary measures used to save the economy. The Feds actions over the next few months will have a significant effect on interest rates, including the interest you can earn on your savings accounts, money market accounts, and certificates of deposit.

Fed’s Actions

• Term Auction Facility, closed
• Term Asset-Backed Securities Loan Facility (TALF), partially closed as of March 31; fully closed June 30
• Discount Window restored to pre-crisis practice
• US Treasury Purchase Program, closed
• MBS Purchase Program, ends March 31
• Began paying banks interest on their deposits at the Federal Reserve to put upward pressure on short term rates

Compare what banks are offering for your savings account, money market account, and certificates of deposit today.