Despite numerous questions about how the election would impact the Fed, Powell refused to make any predictions.
“We don’t guess, we don’t speculate and we don’t assume.”
That decision came after a three-year fight against soaring inflation, which peaked at 9.1% in 2022.
A 0.25% interest rate cut won’t make much of a difference on its own.
What happened after September’s rate cut?
Meanwhile, savings rates onCDsandhigh-yield savings accountshave already started dropping and will likely decline more.
It’s best tolock in a higher interest rate nowbefore another potential cut to maximize your earnings.
Mortgage ratesdipped initially after September’s rate cut but have surged back since.
Will there be another rate cut in December?
However, there’s still a lot of factors that could change between now and the Dec. 17-18 meeting.
