Fed Cuts Interest Rates By 1%, Target Range Now 0%-0.25%

The Federal Reserve announced today a lowering of the interest rates, the new target range is 0%-0.25% (down from 1 to 1.25%). The Federal Reserve has also announced quantitative easing of $700 billion ($500 billion of Treasurys and $200 billion of agency-backed mortgage securities). This will of course cause savings account rates for consumers to drop massively as well.