Consumers' wallets should get some relief if the Federal Reserve lowers rates this week, but it won't be a huge help, according toBenjamin Ayers,senior economist withNationwide Insurance(NASDAQ:NWFAX).
"It should put some downward pressure on auto rates, mortgage rates, loan rates, but on the other side of the coin, it should put upward pressure on CD rates and saving rates that you get out there," Ayers told Benzinga.
Lowering the Fed interest rate by only 25 or 50 basis points will not mean much for consumers in the short term, he adds.
"It's nice but if...
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