I was trying to explain why the interest rate on my savings account dropped the day after I opened my new online savings account, and how it was directly rated to the fact the Fed cut interest rates. Since I couldn’t offer a cohesive explanation of why, that means I don’t really understand it myself.
So I’ve started reading a bit about how the Fed works. I plan to write an article on exactly why my ING Direct interest rate dropped because of Bernanke’s announcement, and I’ve added it to my to do list, which I will be able to aggresively start attacking next week.
On a side note, this is my last working week, and its a 4 day work-week. I can’t wait to be rid of the old ball and chain.
1 response so far ↓
1 J.C.’s Money Blog » Blog Archive » How the Federal Reserve works and why the interest on my savings account dropped // Feb 7, 2008 at 4:35 pm
[...] I mentioned that I don’t understand exactly how the Fed works, so I have started reading up. This link has a very good explanation for those who want the [...]
Leave a Comment