Look like the Fed did lower the rate

So, the Fed did it. Yesterday the Fed cut the rate for the second time in the past six weeks. They decided to lower the federal funds rate by one-quarter percentage point to 4.50 percent.

In response, commercial banks, including Bank of America, Wells Fargo and KeyCorp., announced that they were cutting their prime lending rate -- for certain credit cards, home equity lines of credit and other loans -- by a corresponding amount, to 7.50 percent.

So, I wonder when ING and the other high yield savings accounts will follow suit and lower ours rates yet again?

And from the article...

The rationale behind the cuts is that the lower borrowing costs will induce people and businesses to boost spending, energizing economic activity.

Hrm.

And the currency exchange rate looks worse for the wear as well. Yesterday it was $2.05 for one GBP. Now it is $2.08 for one GBP.