Free Republic

NEW YORK (MainStreet) – After seven straight months of improvement, the consumer interest climate took a turn for the worse in August as deposit rates dipped sharply below already-historic lows. Certificate of deposit rates across the board fell significantly in August, according to the Credit Power Index, produced by RateWatch and MainStreet. As of the end of the month, interest paid on 12-month CDs had fallen four basis points to settle at 0.43%, 36-month CDs dropped 12 basis point to fall below 1%, and 48- and 60-month CDs saw similar big drops. CDs and other deposit products seemed to be...