Interest Rates are down. Interest Rates are up.

The U.S. interest rate cuts widely telegraphed by the Federal Reserve began in earnest in September with a 50 basis point cut (50 basis points, or bps, is equal to 0.5%) to the overnight rate, followed by a 25 bps cut in early November. Overnight rates are the rates the Fed and other central banks use to achieve their monetary goals and drive floating rate products like prime rate and variable rate mortgages After two years of elevated overnight rates, the decrease has brought some reprieve to short-term holders. Additional rate cuts will flow through as they occur.