Central Banks Cut Interest Rates by 1/2 percent.

In a coordinated global effort, The Federal Reserve Bank along with The European Central Bank, Bank of England and Swiss, Canadian and Swedish banks cut rates by 1/2 percent.

The Federal funds rate is now 1.5%. Rates on deposits which have been going up might start to head south again. The average 1 year CD rate currently is 3.70% and the average 5 year CD rate is 4.13% as reported by bankrate.com.