What the federal interest rate means for your finances

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ST. LOUIS, MO (KTVI) - The Fed has done it again.
The key interest rate that banks charge each other did not rise. This means that it will stay a historic low, near zero. The interest rate has been this low since the Great Recession, which is a sign that the economy has not recovered enough since 2008.

Financial adviser, Don Chamberlin, shares how this affects your money. Chamberlin explains how this should help with home sales and construction, but may encourage more stock market investor risk taking.

Chamberlin advises that until the Fed meets again in October or December, consider short-term bonds, evaluate all your investments, pay down your debt, and most importantly build a long-term financial plan.

By Ryann Gildersleeve