Paul Davidson USA TODAY Published 12:01 AM EDT Sep 12, 2019 It seems like only yesterday that the Federal Reserve was steadily raising interest rates as the U.S. economy picked up steam after years of near-zero rates following the Great Recession of 2007-09. But the Fed cut its key rate in July for the first time in a decade, another such move is expected next week and there’s growing talk of pushing rates down to, or even below, zero. JPMorgan Chase CEO Jamie Dimon this week said bank executives have discussed imposing certain fees on consumers if rates fall to zero. And President Trump on Wednesday tweeted that the Fed “should get our interest rates down to ZERO, or less,” allowing the federal government to refinance its massive debt at a lower cost Here’s why the Fed may eventually lower rates to zero or below and what that would mean for consumers. Pouring it on: President Trump rips Fed as ‘boneheads,’ calls for zero or negative interest rates When might the Fed reduce its benchmark rate to around zero? The central bank almost certainly would not take such a step in the short term. Fed Chairman Jerome Powell has said the… Read full this story
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