I thought we would see a little slow down in the banks cutting rates until after next week's Fed meeting in which the Fed is expected to make at least a 50-basis-point cut. But three big players in online banking made cuts today to their online savings accounts. Here's a summary of the cuts:
Countrywide savingslink: 4.05% APY (was 4.25%)
ING Direct Orange Savings: 3.10% APY (was 3.40%)
ING Direct Electric Orange: 2.00% APY for balances under $50K (was 2.25%)
This Forbes article has some opinions from economists about how low the Fed will go this year. This CNN article discusses what many readers have mentioned regarding the current Fed policy of cutting rates, and this WSJ article discusses other tools the Fed may use instead of just cutting rates.
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