Here’s what to look for when the Federal Open Market Committee releases its statement at 2 p.m. tomorrow after a two-day meeting in Washington. The panel will also provide its economic forecasts, including the first fed funds rate projection for 2016. Chairman Ben S. Bernanke plans to hold a news conference at 2:30 p.m. tomorrow.
The four biggest U.S. banks are encouraging their most creditworthy customers to take on more debt, mailing credit-card balance-transfer offers with rates as low as zero percent even as they add fees for other services.
Ben Bernanke and the Federal Reserve have pretty much signaled last call at the Bar of Insanely Low Mortgage Rates. With the Fed now on record that it may begin to reduce its bond-purchasing program by the end of this year -- suggesting the beginning of the end of repressed rate -- the interest rate on a 30-year fixed-rate mortgage hit 4.25 percent on June 20. As recently as early May that same rate was at 3.5 percent.
Terry Williams borrowed about $7,000 to earn a degree from Spelman College 38 years ago. For her youngest child, a sophomore at Belmont University in Nashville, she will take on almost $40,000 in parental loans.