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The outcome of this summer’s ‘s Brexit vote was shocking to many observers. It also had an immediate impact on the British economy and beyond.
The pound has dropped to 1.31 for a U.S. dollar and broken a 20-year support level at 1.40 per dollar. This reading is its lowest since 1985 and will affect multi-national corporations that are selling to British companies and consumers. Mortgage rates have tumbled.
But the long-term impact may be even more significant. That’s understandable given the size of the British economy.
What Brexit Means for the U.S. and What You Should Do
The likelihood of slower growth throughout Europe and a weakening euro will put added pressure on the U.S. to keep interest rates low. The Federal Reserve has shown little inclination to add to its small rate hike of last December.
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