No collateral required: Compare the best unsecured personal loans. Whether the Fed will raise its benchmark rate again in late 2023 hinges on inflation’s overall trajectory. However, while a 3.24% inflation rate is significantly lower than the historically high inflation rates we saw in 2022, it’s still higher than the Fed’s target inflation rate of 2%. inflation rate decreased to 3.24% from September’s 3.70% - seemingly in accordance with experts predicting a slight decrease. Patrick Harker, president and CEO of the Federal Reserve Bank of Philadelphia, also suggested the Fed should hold rates where they are to see if inflation continues to cool in a speech at the Mortgage Bankers Association Annual Convention and Expo in October. “But the impact of these high rates on businesses and households is significant and will likely prompt a gradual decline.” The Fed has been hinting at a “higher-for-longer strategy, which means rates could stay elevated for a while,” says Joseph Camberato, CEO of business lending firm National Business Capital. Personal loan rates are inarguably high right now, but whether they’ll decrease in 2024 is debatable.
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