Liza Negrete, Realtor

My two favs in my home...Crystals and Peonies

Bankrate December 16, 2020 BREAKING NEWS... With virus rebound uncertain, Fed leaves interest rates alone As expected, the Federal Reserve closed out one of the most active years for policy in history by making no interest rate changes at its December meeting, but officials did signal that their whatever-it-takes moment will extend into the months ahead as the rebound from the coronavirus crisis faces a crucial inflection point. The Fed on Wednesday announced that it would keep buying bonds at at least the current pace until substantial further progress has been made toward the Fed’s economic goals, a key program that helps keep markets stable and funnels credit to consumers and firms. Officials also updated forecasts to show they’re planning to keep interest rates at zero through at least 2023, even as they revised forecasts upward for growth and employment. Threatening to make or break that outlook are the expiration of federal stimulus programs, rising coronavirus caseloads and the coronavirus vaccine. The Fed’s borrowing rate acts as a lever for other yields and borrowing costs throughout the economy, including what banks offer on other products, including certificates of deposit (CDs) and savings accounts, as well as auto loans, credit cards, and home equity lines of credit (HELOCs). When the Fed cuts rates, which have been at near zero for nine months now, most consumer products follow suit. Now's the time to take financial action: Boost your emergency savings: Now’s the time to prioritize building up a cushion of cash, given that no one knows just how long the financial hardship will last. Focus on stashing away whatever extra funds you can find into a liquid and accessible savings account that offers a competitive rate. Find ways to trim your expenses: Find some breathing room in your budget for your emergency savings by trimming your discretionary purchases. Reach out to lenders, banks and companies you work with to see if you can lower your monthly payment. If you’re carrying credit card debt, consider utilizing a balance transfer card to lower your monthly payment and total interest. Homeowners should consider refinancing their mortgage to shave a few hundred dollars off their monthly payments. Focus on the long term: Markets have rebounded since March, but choppy days could be on the horizon. Don’t jeopardize your long-term investments or savings goals based on short-term events. Dropping out when the waters get rough is a sure way to lock in a loss.

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