Fed cuts rates again by half point

In a highly expected move, the Federal Reserve just cut the rate by a half-percentage point. That brings it down to 1%.

Those of you (like us Bumblefucks) that have a lot of credit card debt should rejoice for a moment. This means that your interest rate will drop a half point. Hooray!

Those of you with money in high yield savings accounts (like ING) are likely weeping. Because that interest you are earning will be trimmed as well. And I am sure that ING will be the first to cut it, as they always are.

If you are interested in reading the Fed’s statement (why?) you can find it on CNN Money.