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The Federal Reserve Board decided today (Nov. 6) to slash interest rates 1/2%, most likely lowering the benchmark prime rate to 4.25%, its lowest level since 1958.
Wall Street, generally, was anticipating a rate reduction of 1/4%.
The Fed.’s rate reduction today was its first since Dec. 12, 2001.
Because most RV dealers’ inventory loans are pegged to the prime, their interest expenses will decline as soon as their banks or finance companies lower their prime in reaction to the Fed’s move.
The Fed decided to sharply lower interest rates because of “greater uncertainty, in part attributable to heightened geopolitical risks” which are “inhibiting spending, production and employment.”
Meanwhile, the Fed believes inflation remains “well contained.”
All 12 members of the Fed’s Open Market Committee voted in favor of the 1/2% rate cut.
The next Fed meeting is scheduled for Dec. 10.