Adding some further nuance to this point: - Many other rates in existing contracts are tied to the fed funds rate so things like existing mortgage and student

Adding some further nuance to this point: - Many other rates in existing contracts are tied to the fed funds rate so things like existing mortgage and student loan payments may get smaller as a result of this action - This will only work for new contracts insofar as credit risk does not materially increase (which it will in an economic downturn); banks will increase consumer spreads against the fed funds rate on a go-forward basis