Short-term interest rates will dropped the seventh time since September.
Today, April 30th, The Federal Reserve cut the federal funds rate by a quarter-point, from 2.25% to 2%. The prime rate will fall by a quarter-point, from 5.25 percent to 5 percent. This is a good move for those that borrow money on loans such as credit cards and home equity lines of credit, that are linked to the prime rate. It's not such good news for those in short-term certificates of deposit.