From the course: Financial Basics Everyone Should Know
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Understanding bank rates
From the course: Financial Basics Everyone Should Know
Understanding bank rates
- [Narrator] When you're following the news you might come across an article that the Fed lowered interest rates. It's something the news often reports on. This may be a good opportunity to revisit your finances and make inform changes such as refinancing your mortgage. That's why understanding the Fed's role in the banking system is important. The Fed not only controls the banks and insures the health of the U.S. financial system, but it also sets interest rates which help determine the level of economic growth, inflation, and unemployment across the country. In case you're not sure what interest rates are, interest rates determine the cost to borrow money. When you borrow money from a bank or use a credit card, interest rates determine how much you have to repay the organization. The Chairman of the Federal Reserve heads up the Fed's controlling body called the Bank of Governors and acts as the public leader of an organization that most Americans don't really understand but which…
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