Business Services Industry
Interest rates continue to benefit borrowers, disappoint savers.
Knight Ridder/Tribune Business News, December, 2004
By Todd Mason, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Dec. 7--Interest rates are still enticing borrowers -- and disappointing savers -- despite four hikes by the Federal Reserve Board in less than six months.
Blame a twitchy economy, said Keith T. Gumbinger, of HSH Associates, a Pompton Plains, N.J., market research firm. That means consumers aren't borrowing much, so banks are offering low rates to entice borrowers. With lending activity lackluster, banks aren't trying to attract money from savers.
"Banks don't really need you now," he said, stating the obvious for savers.
Consider PNC Bank's yield of 1 percent last week on a one-year certificate of deposit, up just 0.05 percentage points since the...
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