Deposit rates already falling after Fed rate cut

Well, it has begun.

ING Direct has already cut deposit rates. The Orange Savings Account rate has been cut from 4.50% to 4.30% APY, and the rates on the tiered Electric Orange checking account have also been cut:

• 4.00% -> 3.50% APY for balances up to $50,000
• 5.25% -> 4.90% APY for balances between $50,000 and $100,000
• 5.30% -> 5.00% APY for balances of $100,000 or more

E-Loan has followed suit, dropping the 5.55% APY 3 month and 5 year CD rates that I locked in over the past few weeks to 5.35% and 5.30%, respectively.

I'm sure there are many more rate cuts out there, but it does appear that mortgage lenders IndymacBank and Countrywide Bank are continuing to offer market-leading rates on FDIC-insured CD accounts. Perhaps the liquidity problem isn't over just yet...