Question: What were the interest rates in 2014 (USA)?
What were the Federal Funds Rate in 2014?
In 2014, the Federal Funds Rate remained steady at a range of 0.00% to 0.25%. This rate was set by the Federal Reserve to stimulate economic recovery following the 2008 financial crisis. The Federal Reserve did not make any adjustments to the Federal Funds Rate in 2014.
What were the Personal Loan Interest Rates in 2014?
The interest rates on personal loans at banks for a 24-month loan fluctuated throughout 2014. According to the Federal Reserve Economic Data, the rates were as follows:
- In February, the rate was 10.09%.
- In May, the rate decreased to 9.62%.
- In August, the rate increased to 10.73%.
- In November, the rate slightly decreased to 10.47%.
These changes in personal loan interest rates were influenced by various factors including the overall economic climate, the Federal Funds Rate, and the banks’ individual lending policies.
What were the Credit Card Interest Rates in 2014?
The interest rates on credit cards remained relatively stable throughout 2014. According to the Federal Reserve Economic Data, the rates were as follows:
- In February, the rate was 11.83%.
- In May, the rate remained the same at 11.83%.
- In August, the rate slightly decreased to 11.82%.
- In November, the rate increased to 11.99%.
The stability of credit card interest rates in 2014 can be attributed to the steady Federal Funds Rate and the overall economic conditions.
Average inflation rate (CPI) during 2014
In 2014, the average inflation rate, as measured by the Consumer Price Index (CPI) for All Urban Consumers, was 0.76%. This relatively low inflation rate was in line with the Federal Reserve’s goal of maintaining price stability.
Source notes: Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan (Source Federal Reserve Economic Data), Commercial Bank Interest Rate on Credit Card Plans All Accounts (Source Federal Reserve Economic Data), Inflation rate according to Federal Reserve Economic Data (CPI for All Urban Consumers: All Items in U.S. City Average, Percent Change from Year Ago. Annual, Not Seasonally Adjusted)
