Central Banking

Credit card issuers to benefit from Fed rate cut

USA - Issuers of credit cards, hurt by concerns the weakening economy will ramp up charge-off rates, may get a respite from the latest round of interest rates cuts by the Federal Reserve.

The Federal Reserve announced its policy-setting Federal Open Market Committee has just cut the core federal funds rate to a 40 year low of 2.0%.

Jeff Salmon of Barclays Capital in New York said that the rate cut comes at a very opportune time for issuers of floating-rate credit card-backed debt as the reset d

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