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To: Ken98 who wrote (114210)	7/24/2001 1:04:41 PM
From: Ken98	Respond to of 436258

<<Asked by a member of the Senate Finance Committee whether consumer rates had come down because of the rate cuts, Greenspan said: ``Short-term rates have dropped quite considerably...a good deal of consumer credit interest rates are down, so the answer is yes.''>> Would that be credit card rates? Residential home mortgage rates? Considering that neither have declined much during the last 100 or so basis points of Fed easing, just what is he talking about? <<The prime rate, which banks charge their best business customers, has followed the Fed funds rate lower, helping businesses. But many of the interest rates that most consumers pay have only been marginally changed. Home loan rates in the Midwest have remained mostly flat since the Fed started making cuts in January. High consumer demand and high long-term rates have kept them up. Credit card rates have dropped slightly but remain relatively high as credit card companies are traditionally reluctant to lower rates. Car loan rates have fallen about 1 percent since March - less than the Fed funds rate.>> dailynews.yahoo.com