SGL Live on WGN 9 News – Fed Cuts Interest Rate

WGN invited our very own SGL Financial President, Steve Lewit, to discuss the Federal Reserve cutting the interest rate for the first time in 4 years.

Here’s what was covered Live on WGN 9 News:

• The Federal Reserve made a significant interest rate cut of half a point, signaling the end of its inflation-fighting measures and aiming to stimulate the economy while inflation slows down.
• The rate cut may lead to slightly better borrowing conditions for consumers, such as lower mortgage rates and improved car loan rates.
• However, the returns on savings accounts and CDs will decrease, meaning consumers may want to explore new strategies for safeguarding their savings while maintaining returns.