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The Federal Reserve Board decided to leave short-term interest rates unchanged at the minimal 0.25% annual level. CBS and NBC both filed spinoff stories. NBC's Lisa Myers pointed out that cheap rates are not being passed along to credit card customers. Quite the contrary: she offered the example of a Citibank customer with a $10,000 balance whose payments have been hiked on already incurred charges over the past year from 7% to 15% to 26% to 30%. The House of Representatives voted to ban such retroactive hikes forthwith. "The bill's fate in the Senate is uncertain. Banks are lobbying vigorously to stop it."
CBS' Anthony Mason told us that the Fed reduces interest rates for homebuyers by "spending well over $1tr to buy up mortgage loans from banks." Its authority to buy the paper expires in five months. When the purchases end "the cost of borrowing could quickly soar," Mason predicted. "That would be bad news for the housing market still struggling to get back on its feet."
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