NEW YORK — It was only a few months ago that interest rates were marching higher and bearing down on everyone from home buyers to stock investors.
But rates began easing early this year after the Federal Reserve opened the door to a slower pace of rate increases.
On Wednesday, the Fed surprised the market when it said it may not raise rates at all during 2019.
The announcement reverberated immediately through the bond market, and the yield on the 10-year Treasury note tumbled to its lowest level in more than a year.
The impact should soon filter out to consumers across the economy, and the effects will likely reverberate for a while.
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