Amid all the economic turmoil, there was good news on Tuesday, Dec. 16. The Federal Reserve reduced its top interest to near zero, or .25 percent, for its biggest customers. That news boosted the stock market by 360 points to 8924.

Will that good news translate into good news for consumers? Only time will tell. If you are looking to refinance your mortgage, this might be a good time to do that. Financial planners have said that interest rates on annuities are going to be reduced in mid-January, so now might be the time to lock in some of those higher rates if you have some maneuverability in your investment portfolio.

Some banks and mortgage companies are talking about rates at 5 percent and lower. If you have good credit and can get a loan, big savings can be realized.

The Fed, according to the New York Times, made it clear Tuesday that it could stimulate the economy with new lending programs that essentially allow it to pump money directly into financial institutions.

“The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability,” the Fed’s Open Market Committee said in announcing the rate cut, according to the New York Times.

With the drop in interest rates and the record decline in the consumer price index of 1.7 percent (fueled by the plunge in gasoline prices) can a recovery be far behind? It may be too early to think about that with a 19 percent year over year decline in new home sales. Plus, the U.S. is still facing all those adjustable rate mortgages (or ARMS) that are just starting to readjust, which will put more foreclosure pressures on the markets and lending establishments.

Falling energy prices could possibly push consumer prices to below zero by January.  Just when it looked like the economy was looking better.

Here is one consumer tip you might want to know about. Atlantic Coast Bank is offering 5.08 percent interest on checking accounts up to $25,000, far more than any other bank in the area. There is a branch bank at Kingsley and Bellair avenues in Orange Park, Fla.