![]() However, the Federal Reserve signaled in its official press release that there's still a possibility of another rate hike next month, as inflation has still not reached the Fed's 2% goal. Rates for CDs have gone up with the Fed hikes, and some of the highest-earning 1-year CD accounts already offer an APY of over 5%, while some of the best 5-year CD rates are above 4%.Īt its latest meeting, the central bank decided to hold interest rates steady for the second consecutive time, keeping the federal funds rate at a target range of 5.25% to 5.5%. The hikes also mean mortgage rates, credit card APRs and interest rates on other types of loans have all gone up, putting a strain on borrowers' budgets. However, as interest rates continue to rise, so do savings rates. ![]() Since March 2022, the Federal Reserve has raised the federal funds rate 11 times in an attempt to ease inflation.
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