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Fed News   Fed announcement: Oct. 8, 2008
  The Federal Reserve's Open Market Committee left the federal funds rate  
  unchanged at the last three meetings. When will this surprise cut hit you?  
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Table of contents

Breaking Fed news
 
In a surprise move, the Fed cut a key rate to 1.5 percent.
 
Federal Reserve surprise rate cut
Find out how the Fed's decision will affect you and the economy. Read on
Fed rate cut winners and losers
The Federal Reserve cut the federal funds rate. How will this affect your bottom line? Read on
Smart money moves after the Fed
Take advantage of the action by the Federal Reserve with these money moves. Read on
How soon will it hit you?
The Fed cut rates today, but when will your finances feel it? Read on
Fed Outlook
Greg McBride explains why the Fed and other central banks around the world made a surprise cut. Read on
Glossary
Get help understanding some economic lingo such as GDP, PCE, monetary policy and more. Read on
Video
Click here Fed rate cut and you
Greg McBride explains the Fed rate cut and how it affects you.
Play video View more videos

The Federal Open Market Committee
The rate-setting Federal Open Market Committee meets at least eight times a year. Its members include the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and a rotating selection of presidents of the other 11 reserve banks. Its members are:
  • Ben S. Bernanke, Board of Governors, chairman
  • Timothy F. Geithner, New York, vice chairman
  • Richard W. Fisher, Dallas
  • Donald L. Kohn, Board of Governors
  • Randall S. Kroszner, Board of Governors
  • Sandra Pianalto, Cleveland
  • Charles I. Plosser, Philadelphia
  • Gary H. Stern, Minneapolis
  • Kevin M. Warsh, Board of Governors
  • Elizabeth A. Duke, Board of Governors
    		•

    Bankrate.com's corrections policy -- Posted: Oct. 8, 2008
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    TABLE OF CONTENTS
      Fed chops rates
      Smart money moves
      Fed cut winners and losers
      How soon will it hit you?
      Glossary
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    NATIONAL OVERNIGHT AVERAGES
    1 yr CD 4.01%
    2 yr CD 4.19%
    5 yr CD 4.58%
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