Are brokered CD rate rises over?
Are brokered CD rate rises over?
With the Federal Reserve leaving rates unchanged on August 1st their has been some slight reverberation in rates in the US. The US interest rates have been moving higher in general because the U.S. government is expected to take on more longer-term debt as well as in co-ordination withtheir plan to gradually lift borrowing costs because of "strong" growth and not wanting to overheadt the economy. As depositaccounts notes that the top 1% of CD rates hit 3.24% for the 5 year and 2.44% for the 1 year CD has benefited savers and rising mortgage rates has also impacted borrowers. Goldman Sachs economists had indicated that rising mortgage rates would subtract 1 to 2 % points from U.S. residential growth. In addition brokered CDs have also been impacted with the New issues CDs from Vanguard for its 10 year brokered CDs have moved from 3.40% to 3.45% and 2yr 2.75% to 2.80%, while its 6 months have lowered from 2.25% to 2.00% and its 3 months lowered from 2.10% to 1.85%. So in the short term rates rises seem to indicate that they may not rise as fast as expected but longer term that may rise slightly.
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