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What the Fed’s interest rate cuts means for your retirement

ROCKFORD (WREX) — The Coronavirus threw stocks into turmoil the last few days, leading the Fed to lower interest rates.

Financial experts at Northwest Bank says that's good news for homeowners.

"We'd encourage all consumers to take a look at their current mortgage rates. For many, many folks, the time would be very favorable to come in, talk to your bank, talk to your mortgage people that you know and take a look at refinancing," said Tom Walsh, president of Northwest Bank.

On the flip side, when it comes to your retirement accounts, Walsh said you will likely see a dip in returns. That doesn't, however, mean you should panic.

"This move by the Fed I think is hopeful to stabilize the stock market as well and hopefully provide some calming affect, not only to the markets themselves, but to all of us who invest in the markets, and give us a little more confidence about our retirement savings," he said.

Kristin Crowley

Evening News Anchor
Kristin Crowley anchors the 5, 6 and 10 p.m. news. She is also a reporter for 13 Investigates. She brings more than a decade of experience to the newsroom. Her work at WREX has earned her multiple awards including a regional Edward R. Murrow for Investigative Journalism and three regional Emmys.

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