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Published on Jan 23, 2012
In this Mahoney Money Minute, Belmont Savings President and CEO Bob Mahoney takes a look at a few interesting economic signals. First, the December Jobs Report indicates the economy is slowly starting to move. 2012 will most likely contain more good news than bad news. However, the issue of foreclosure overhang still needs to be addressed. 4% of the homes in the United States are still in foreclosure; this will prevent any real robust recovery from happening.
The next signal is the announcement by the Fed that they will announce their rate forecast every quarter. Typically, the Fed is secretive about interest rates. Announcing to set rates every quarter appears that rates will stay low for the time being. As a result, now may be the time to think longer in terms of deposits and investments. While high yield sometimes means high risk, Belmont Savings has a 5-year CD set at 3%, which is quite good in this market.