former federal vef goreserve go, randy kroszner.u. >> great to see you. >> steve was giving us historical dates, 11 years since the last tight ing cycle. seven-year anniversary to the date of when the fed took rates down to the zero bound. how different is today if we do get this rate hike, how different is this tightening cycle going to look? >> it's quite amazing, i was there seven years ago when we brought rates down effectively to zero i don't think anyone around that table thought that it would be seven years before the first rate hike. we did think it would be some time, but not seven years. steve talked about a few different paths. by far, the most likely one is the gradual path. i think janet yellen has been at pains to say when the tightening begins, it will be very, very gentle. very gradual. i think they're in no rush to move. they want to see what the impact of this will be. they want to make sure they can enforce the quarter point rise. so i think they'll move slowly. >> some of the members are even less in a rush than

randy kroszner with the university of chicago's booth school of business. ty, down to you. >> sue, shortly after the fed announcement, some of the nation's biggest banks said they were going to increase their prime rate. the prime rate is the interest rate used to price lots of consumer products like auto loans, credit cards, home equity lines. so, if a bank raises its prime rate, it means your credit card rate will also rise. citi, jpmorgan, pnc, u.s. bank and wells fargo all raised their prime rates to 3.5%, but wells fargo also said it won't raise its rates on deposits. >> which, ty, brings us to our next segment, staffing cash in a savings account has yielded nearly nothing for years, aside, perhaps, from peace of mind, and that's not likely to change very much. our senior finance correspondent, sharon epperson, explains the real impact the fed decision may have on your finances. let's start with savings accounts. wells fargo says, you know, it's not going to increase the rate on your savings deposit. why? why is that not automatically -- >> it's not ti