A major concern expressed by both Fed policymakers and some economists is that higher borrowing costs aren't having as much of an impact as economics textbooks would suggest. Americans as a whole, for example, aren't spending much more of their incomes on interest payments than they were a few years ago, according to government data, despite the Fed 's sharp rate increases. That means higher rates may not be doing much to limit many Americans' spending or cool inflation.
Why hasn't the figure risen by more? Millions of American homeowners refinanced their mortgages at very low rates during the past decade and a half when the Fed mostly kept its key rate at nearly zero to bolster the economy. As a result, their mortgages remain low and their finances largely unaffected by the Fed's policies. Consumers who paid off their cars, or who took out low-rate five-year car loans before rates rose, have also felt little impact.
Source: Loan Digest (loandigest.net)
To Take Its Time On Interest Rate Cuts
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US banking giants had 'significant' challengesWASHINGTON, D.C. – Six US banking giants reported having 'significant' challenges when estimating the financial risks from climate change because of a lack of good data, the Federal Reserve (Fed) said on Thursday.
Source: TheManilaTimes - 🏆 2. / 92 Read more »
Marcos back from trilateral meeting in WashingtonPresident Marcos arrived in Manila after securing support for the country's development from US President Joe Biden and Japan Prime Minister Kishida Fumio in a trilateral meeting in Washington.
Source: MlaStandard - 🏆 20. / 55 Read more »
Marcos back in Manila from trilateral meeting in WashingtonPresident Ferdinand 'Bongbong' Marcos Jr. is back in the Philippines after attending a trilateral summit with the leaders of the US and Japan in Washington.
Source: gmanews - 🏆 11. / 68 Read more »
President Marcos Jr.'s Historic Trip to Washington, DC Advances Indo-Pacific RegionPresident Ferdinand Marcos Jr.'s two-day trip to Washington, DC has had a significant impact on promoting a peaceful and rules-based Indo-Pacific region. The tripartite meeting with President Biden and Japan Prime Minister Fumio Kishida marks the beginning of concerted efforts to address complex challenges and uphold the international order.
Source: PhilstarNews - 🏆 1. / 94 Read more »
‘Balut diplomacy’ goes to WashingtonDefining the News
Source: MlaStandard - 🏆 20. / 55 Read more »
Washington Kiara Landon withdraws from upcoming national pageantKiara Landon will no longer be representing the Filipino community in Washington in the upcoming Miss Universe Philippines pageant.
Source: gmanews - 🏆 11. / 68 Read more »