Hey, everyone. Big news today as we look at the announcement from the Fed regarding the long-anticipated rate cut. The Bank of England holds its rates amid the Fed announcement. We take a closer look at what the rate cut means to your finances. In real estate, new FHA limits restrict cash-out finances to 80% property value. And we get updated on the Equifax court settlement and why many might not be receiving what they expected.
Federal Reserve Chairman Jerome Powell hearkened back to the central bank’s 1990’s policy successes by suggesting he can sustain the record long U.S. economic expansion with just a modest reduction in interest rates.
With less than 100 days to go before the country is set to leave the bloc, the BOE’s nine-member Monetary Policy Committee (MPC), led by Mark Carney, unanimously voted to hold interest rates at 0.75%.
The Federal Reserve’s decision to cut interest rates 25 basis points for the first time in over a decade marked a dramatic shift in monetary policy.
Loan program to restrict cash-out refinances to 80% of property value, down from 85%
The Federal Trade Commission announced Wednesday that, due to an overwhelming response, cash payments aren’t going to be anywhere near $125 each, and urged consumers to sign up for the free credit monitoring offered as an alternative.