CNBC, FBN, and Bloomberg are going into overdrive this afternoon preparing for what could be the first federal funds rate hike in almost 10 years, since June 2006.
CNBC’s special coverage begins at 1 p.m. ET with Tyler Mathisen anchoring Power Lunch from Washington D.C. along with senior economics reporter Steve Liesman. Correspondents Eric Chemi, Diana Olick, Michael Santoli, Phil LeBeau, Sara Eisen, Jackie DeAngelis and Kayla Tausche will report. FBN will have special coverage also starting at 1 p.m. with Neil Cavuto, Maria Bartiromo, Lou Dobbs, Trish Regan and Sandra Smith. Bloomberg plans special coverage from 1 to 4 p.m. ET. “Special Report: The Fed Decides,” which will be simulcast on radio and TV, is hosted by Scarlet Fu, Tom Keene, and Michael McKee.
The announcement should come around 2pm. We reached out to Cavuto this morning to get a quick read on what this all means.
TVNewser: In layman’s terms, what is going on at the Federal Reserve today?
Cavuto: For the first time in nearly a decade interest rates are going to be going up, the only issue seems to be longer-term, by how much. Rarely is the Fed “one-and-done,” which means Janet Yellen and Company are going to start a cycle of higher rates that could affect everything from folks’ mortgages to their savings accounts…rates on what you have, and what you owe, are going up; again, the only question is by how much.
TVNewser: How would an interest rate hike affect the average American?
Cavuto: If you save, you get a little more, very little more. If you owe, you pay a little more, very little more. The problem is that those who owe get hit first, those who save, benefit later.
TVNewser: What do you think of the job Janet Yellen has been doing atop the Fed?
Cavuto: I’m impressed by her. She’s her own woman, and in a thankless position, she’s proven more than up to the task…thus far. This is her first big test on reassuring markets and countering criticisms she’s behind the curve, or doing this too late.
TVNewser: What is your takeaway from last night’s GOP debate?
Cavuto: It certainly got feisty. I find the closer we get to the Iowa vote, the more free-forming and free-firing these candidates get. It can make for riveting exchanges, and for those not polling so well, some nasty ones as well.