When the federal funds rate makes a move, almost everyone follows. The chart below shows how the interest rates on popular consumer products have moved in the past two years.
In almost every case, the consumer product rates closely track what the fed funds rate does. The exception has been fixed-rate credit cards, whose interest rates are more heavily influenced by market forces within the industry. The data on the fed funds and prime rate are from the Federal Reserve Board; the figures on the rates of mortgages, credit cards and car loans are from Bankrate.com and its predecessor company, Bank Rate Monitor, which have been surveying financial institutions for 24 years.