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Impact Surprise Fed Rate Cut Could Leave on Auto Financing

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Auto Remarketing, March 3, 2020 – The Federal Reserve sensed the U.S. economy is becoming ill stemming from the COVID-19 coronavirus outbreak so policymakers made the surprise move on Tuesday by cutting the target range for the federal funds rate by 50 basis points to 1.00% to 1.25%.

Experts at Cox Automotive reacted to the first Fed action outside of regular meetings of the Federal Open Market Committee (FOMC) since the end of 2008 and the financial crisis. Cox Automotive shared its assessment on its blog, Commentary & Voices, mentioning how auto-finance rates have held “relatively high in recent months.” Cox Automotive agreed with other analysts, noting the average APR at 5.69% in February, down from 5.75% in January.

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