JACKSON HOLE, Wyo. – The Federal Reserve Board is having an annual summit over the next two days, which could possibly determine a shift in interest rates.
“Usually the Federal Reserve when they shift course, they have a big meeting in August in Jackson Hole, Wyoming,” said Ryan Herzog, associate professor of economics at Gonzaga University.
“It’s when everyone comes together, and almost uniformly, if there’s ever going to be a shift in the policy action of the Fed, it’s after that meeting.”
The benchmark interest rate set by the Federal Reserve does not dictate all other interest rates, but it does influence them. Lower federal rates usually lead to lower mortgage rates, and well as rates on car loans and credit cards.
