Fed Decision This Week Matters for West Texas Borrowers

West Texas households and businesses will get the next federal interest rate decision Wednesday after policymakers meet October 27 and 28.

The Federal Reserve’s calendar schedules the announcement for 1 p.m. Central October 28, followed by a news conference at 1:30 p.m.

At its September policy meeting, the committee raised its target range by a quarter of a percentage point to 3.75% to 4%. The vote was unanimous. Officials said inflation remained elevated while economic activity continued expanding.

This week’s meeting will determine whether that target changes again. A rate increase, decrease or hold has not been announced.

For borrowers in Lubbock and across West Texas, the decision provides context for comparing financing offers. A central bank target is not the same thing as the interest rate on a particular mortgage, vehicle loan or business credit line.

Individual offers depend on the product, lender and borrower. Wednesday’s announcement will establish the new policy decision.

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Photo Via SBA