Biographies of Jeff Bezos don t make much of Albuquerque, New Mexico. Although the founder and executive chairman of Amazon lived there from birth until his teenage years, the Duke City is mainly treated as a humble backdrop for Bezos s early exploits as a budding entrepreneur and science geek. But what if it was Albuquerque that put Bezos on the map, and not the other way around?
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Bloomberg Creative/Getty Images(WASHINGTON) A Federal Reserve announcement rallied all three major stock indexes to one-year highs on Wednesday and the enthusiasm owed little to what the central bank actually did.
In addition to pausing its benchmark interest rate, the Fed forecasted a series of rate cuts next year. The move would start to reverse a near-historic string of rate increases that has sent borrowing costs soaring.
The anticipated interest rate cuts would deliver relief for many consumers but not all of them, financial experts told ABC News.
Rate cuts would ease the burden on borrowers for everything from home mortgages to credit cards to cars, making it cheaper to get a loan or refinance one. The cuts would also boost company valuations, potentially helping fuel returns for stockholders.
Savers, however, stand to lose income as interest rates decline for accounts held at banks.
"The Fed will come and take lots of pressure off of households next year," M
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