Question: What were the interest rates in 2010?
What were the Federal Funds Rate in 2010?
In 2010, the Federal Funds Rate, which is the interest rate at which banks lend reserve balances to other banks on an overnight basis, remained steady. According to the Federal Reserve Bank of St. Louis, the Federal Funds Rate was set at a range of 0.00% to 0.25% throughout the entire year. This was a part of the Federal Reserve’s response to the 2008 financial crisis, aiming to stimulate economic growth by keeping borrowing costs low.
What were the Personal Loan Interest Rates in 2010?
The interest rates on personal loans at banks for a 24-month loan saw minor fluctuations throughout 2010. According to the Federal Reserve Economic Data:
- In February, the rate was 10.83%
- In May, the rate increased slightly to 11.00%
- In August, the rate decreased to 10.71%
- In November, the rate increased again to 10.94%
What were the Credit Card Interest Rates in 2010?
The interest rates on credit cards also saw minor fluctuations throughout 2010. According to the Federal Reserve Economic Data:
- In February, the rate was 14.26%
- In May, the rate decreased to 13.84%
- In August, the rate decreased further to 13.59%
- In November, the rate decreased to 13.44%
Average inflation rate (CPI) during 2010
The average inflation rate in 2010, as measured by the Consumer Price Index (CPI) for All Urban Consumers, was 1.50% according to the Federal Reserve Economic Data. This rate of inflation reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services.
Source notes: Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan (Source Federal Reserve Economic Data), Commercial Bank Interest Rate on Credit Card Plans All Accounts (Source Federal Reserve Economic Data), Inflation rate according to Federal Reserve Economic Data (CPI for All Urban Consumers: All Items in U.S. City Average, Percent Change from Year Ago. Annual, Not Seasonally Adjusted)
