Federal Reserve Slashes Interest Rates AGAIN - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Federal Reserve Slashes Interest Rates AGAIN

If you have credit cards, by you the end of the week, some of you should see your interest rates lowered.

Just after lunch Tuesday, the Federal Reserve lowered the prime rate by three-fourths of a percent, the lowest rate since 2004, to stabilize the shaky economy. It slashed the rate from six percent to five point two five percent.

Those making payments on adjustable rate short term loans are going to see a decrease in interest rates. Bill Hall of Edward Jones says the cut "should lower car loans, credit cards, mortgages and it should be lowered for loans as you go forward from here."

The Fed and President Bush both say they stand ready to slash more rates if necessary.

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