In an unscheduled meeting this morning of January 22nd; the Federal Reserve dramatically reduced two key interest rates by more than the expected .50%.  Ben Bernanke and company reduced the Federal Funds rate by .75% to a new rate of 3.50%.  This rate cut should reduce the interest rate consumers, including Florida residents, pay on home equity lines of credit, car loans, and of course credit cards.

The Federal Reserve even lowered the Discount Rate or the rate that banks pay when borrowing funds from the central bank.  This new rate is now at 4.00%; down by the same .75%.

This unannounced huge drop in interest rates should hopefully restore confidence in the already depleted US economy.  Lets see how this translates into lower Florida mortgage interest rates later today. 

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