Today the Fed's Open Market Committee makes an announcement about continuing their aid to American business. Bankrate's Financial expert Greg McBride explains their role. "To make sure consumers can get a mortgage, businesses can borrow the money they need to pay for stock and meet their payroll, and for municipalities and states to be able to borrow in order to meet their budget shortfalls."
McBride says interest rates probably won't be lowered because they are so low already, but there are still programs to investigate if you are jobless. Back in March the Fed reacted to the economic shut down by lowering interest rates and McBride says their announcement this afternoon will be about their next steps. "Making sure that credit continues to flow through consumers and businesses. Without functioning credit markets, there will be no credit recovery." McBride has some advice for consumers going through difficult times now. "One area where you can benefit now is to re-finance your mortgage. We see lower credit card rates, home equity lines of credit. Where we will see all that pay off is when we shift to economic recovery mode."
McBride urges you to investigate what help is available to you to help you get through this temporary difficult time.