Historical Rates
See also: History of Federal Open Market Committee actionsAs of December 16, 2008, the most recent change the FOMC has made to the funds target rate is a 75 to 100 basis point cut from 1.0% to a range of zero to 0.25%. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields. This followed the 50 basis point cut on October 29, 2008, and the unusually large 75 basis point cut made during a special January 22, 2008 meeting, as well as a 50 basis point cut on January 30, 2008, a 75 basis point cut on March 18, 2008, and a 50 basis point cut on October 8, 2008.
Read more about this topic: Federal Funds Rate
Famous quotes containing the words historical and/or rates:
“Some minds are as little logical or argumentative as nature; they can offer no reason or “guess,” but they exhibit the solemn and incontrovertible fact. If a historical question arises, they cause the tombs to be opened. Their silent and practical logic convinces the reason and the understanding at the same time. Of such sort is always the only pertinent question and the only satisfactory reply.”
—Henry David Thoreau (1817–1862)
“In the U.S. for instance, the value of a homemaker’s productive work has been imputed mostly when she was maimed or killed and insurance companies and/or the courts had to calculate the amount to pay her family in damages. Even at that, the rates were mostly pink collar and the big number was attributed to the husband’s pain and suffering.”
—Gloria Steinem (20th century)