2001-2004 key interest rate moves

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Not all rates move in lock step with the Fed, which influences short-term rates when it changes the fed funds rate. Mortgage rates, which are long-term debt, are more aligned to moves in the long-term bond market and are less affected by changes in Fed policy. Other products, such as credit cards, have built-in delays before they reflect Fed actions.

— Updated: Nov. 10, 2004