Will the Fed Rate Hikes End Tomorrow? What Experts Think and What It Means for You

But we may be reaching a turning point.

At the Federal Open Market Committee meeting, some experts believe that the Fed may raise interest rates again.

Read more:A Fed Rate Hike Decision Is Coming Wednesday.

Here’s What That Means for Your Savings

Will there be another Fed rate hike?

Experts are divided on whether the Fed will raise rates again or pause their rate hike.

But some experts believe the Fed may hike rates once last time in May.

But inflation is still high, at 5% year over year.

“This will probably lead to banks adjusting rates higher from where we are today.”

And it doesn’t come down as easily as it goes up.

“Inflation goes up like a rocket ship but comes down like a parachute,” said Cooper.

She believes reaching the 2% target rate will take some time.

There are a few reasons that could happen.

What’s more, there’s already a decline in access to credit and borrowing.

“Flexibility is key in the current economic environment.”

For now, think about how you plan to allocate your savings to determine the best savings account option.

when you land emergencies covered, aCDis another option worth exploring.

Most CD terms offer over 4.00% APYs right now, even for shorter terms.

Whether your goal is to save more or eliminate credit card debt, now is the time to act.