Question: What were the interest rates in 2019?
What were the Federal Funds Rate in 2019?
In 2019, the Federal Funds Rate experienced several adjustments. According to the Federal Reserve, the rate started the year at a range of 2.25% to 2.50%. Throughout the year, the Federal Reserve made the following adjustments:
- In July, the rate was lowered to a range of 2.00% to 2.25%.
- In September, the rate was further reduced to a range of 1.75% to 2.00%.
- In October, the rate was again lowered to a range of 1.50% to 1.75%.
These adjustments were made in response to economic conditions, including concerns about global growth and muted inflation pressures.
What were the Personal Loan Interest Rates in 2019?
The interest rates on personal loans at banks for a 24-month loan also fluctuated throughout 2019. According to the Federal Reserve Economic Data:
- In February, the rate was 10.36%.
- In May, the rate increased to 10.63%.
- In August, the rate decreased to 10.07%.
- In November, the rate was 10.21%.
What were the Credit Card Interest Rates in 2019?
The interest rates on credit cards also varied in 2019. According to the Federal Reserve Economic Data:
- In February, the rate was 15.09%.
- In May, the rate slightly increased to 15.13%.
- In August, the rate slightly decreased to 15.10%.
- In November, the rate was 14.87%.
Average inflation rate (CPI) during 2019
The average inflation rate in 2019, according to the Federal Reserve Economic Data, was 2.29%. This rate is based on the Consumer Price Index for All Urban Consumers (CPI-U), which measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
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)
