Americans take to the polls today in hopes that the buttons they push and the levers they pull will result in a political landscape that supports their economic interests.
Make no mistake, this election is all about the economy – any Democrat or Republican would admit that. With unemployment rising and home values plummeting, Americans are anxious, even scared right now, and probably with good reason.
Most Americans weren’t around for the Great Depression, but the past few years have given us a good idea of how fast “normal” can change, and how quickly a family can go from a good job and a full refrigerator to the unemployment line.
Certificate of deposit investors certainly have a horse in today’s political race. While the Federal Reserve will likely stick with its low interest rate policy (a policy that has helped decimate CD rates) no matter who controls Congress, bank investors hope the pols they vote into office will stop using U.S. taxpayers as an ATM machine and do something about the massive debt the U.S. has been accumulating. Furthermore, bank investors are looking for strong political leadership, much like President Reagan in the early 1980s and President Clinton in the 1990s, who can inspire Americans to believe in themselves, their economy, and their country once again.
Wall Street traders will tell you the markets can “feel” change coming, and that big elections like today’s are great agents for such change. Maybe the CD market will play along.
A quick look at some of the best CD deals out on the marketplace reveals some pretty good deals right now.
Look at iGOBanking’s two-year CD, currently offering a 2.25% APY (compared to the 0.856% national average for two-year CDs). That’s almost a point-and-half difference for CD investors – and that’s real money.