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The Fed Announces Its Next Rate Decision Wednesday
Policymakers meet Tuesday and Wednesday. The target range has been 3.75 to 4 percent since the Fed raised it in September.
The Federal Reserve's policy committee meets Tuesday and Wednesday, October 27 and 28, and releases its rate decision at 2 p.m. Eastern Wednesday, followed by the chair's press conference at 2:30. The federal funds target range has been 3.75 to 4 percent since the committee raised it by a quarter point on September 16; the prime rate, which most credit card and home equity rates follow, is 7 percent.
What it means for you: a change in the Fed's range moves credit card, home equity line and savings rates within a billing cycle or two. Mortgage rates follow the 10-year Treasury yield instead, which fell below 5 percent last week; Freddie Mac's 30-year average was 7.32 percent. We will report the decision Wednesday afternoon, and our Numbers box updates that evening.
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