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The Federal Reserve and Your Money

Interest rates are a little lower than they used to be, but they’re still near the highest levels in over a decade. Here’s what it means for your wallet.

The latest on the Fed from Bankrate’s experts

“Even if the committee decides to cut rates, it will likely reflect a surrender to economic weakness rather than a clear win over inflation.”

– Stephen Kates, CFP

The Fed may cut rates this week — but what comes next is murky

Rising prices and slowing hiring leave the Fed with few good options to steer the economy. Will another rate cut even be possible this year?
Read More

Recent interest rate trends

Every time the Federal Reserve adjusts interest rates, borrowing and savings rates move in lockstep. Compare Bankrate data to see how the latest Fed decision is impacting rates on key consumer products.

Experts in all things finance

Our expert reporters and editors bring the news and analysis you need—backed by data and firsthand experience.

About Bankrate
Greg McBride

Greg McBride, CFA Arrow Right Icon

Chief Financial Analyst

Sarah Foster

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Principal U.S. Economy Reporter

Mark Hamrick

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Senior Economic Analyst

Latest articles

Chair Jerome Powell speaks at Fed's post-meeting press conference
The Fed remains focused on battling inflation.
Jerome Powell speaking at podium
Fed officials are warning interest rates could rise higher than previously expected.
A cashier at a supermarket rings up a customer's items.
Low joblessness isn’t the only indicator of a healthy labor market.
Facade of the Marriner S. Eccles building of the United States Federal Reserve in Washington, D.C.
The complicated nature of the Fed’s job can perpetuate some wild claims.
Fed Chair Jerome Powell speaks to journalists at a post-meeting news conference
Fed officials will have decide how much of a slowdown they want to see before calling it quits on rate hikes.
Federal Reserve Headquarters building
The Fed’s job is often to make the difficult choice between low unemployment or low inflation.
People walk past the New York Stock Exchange
Recessions bring discomfort at best — and financial pain at worst.
Jerome Powell Federal Reserve
Interest rates are trending higher. Here are a few reasons to be happy about it.
Illustration of a US Federal Reserve ink stamp
Every financial decision you make is impacted by the Federal Reserve.
Image of Jerome Powell speaking from the Federal Reserve podium.
A tough mix of rising prices and weak hiring is leaving the Fed with no easy way out.
Woman reaching in to the air for cash
Prices rise and fall all the time in the U.S. economy. It’s not always inflation.
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Workers still have less purchasing power today than at the beginning of 2021.
young man falling out of the sky along with various household items and cash
Businesses may now be starting to pass along higher costs from tariffs to consumers.
Federal Reserve Chair Powell Holds Press Conference On Interest Rates
Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
Federal Reserve Eccles Building illustration
Bankrate analyzed the Fed’s historic rate moves for clues on what might come next.
Image of Jerome Powell above the Federal Reserve Building.
A July rate cut may be off the table, but could a cut in September still be in play?
Image of Jerome Powell speaking from the Federal Reserve podium.
A tough mix of rising prices and weak hiring is leaving the Fed with no easy way out.
Jerome Powell, chairman of the US Federal Reserve, left, and Lisa Cook, governor of the US Federal Reserve, during the Federal Reserve Board open meeting in Washington, DC.
In a historic move, Trump announced on Monday that he was firing Fed Gov. Lisa Cook.
Easy mornings and working from home for this couple
Savings yields topping inflation could let you hold onto your purchasing power.
young man falling out of the sky along with various household items and cash
Businesses may now be starting to pass along higher costs from tariffs to consumers.
Federal Reserve Chair Powell Holds Press Conference On Interest Rates
Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
Federal Reserve Eccles Building illustration
Bankrate analyzed the Fed’s historic rate moves for clues on what might come next.
Image of Jerome Powell above the Federal Reserve Building.
A July rate cut may be off the table, but could a cut in September still be in play?
Illustration of Fed Chair Jerome Powell with torn pieces of money falling around him and a jagged arrow rising from the lower left to the upper right. There is also a Now Hiring sign behind him in the upper left of the image.
A slowdown may already be underway in the once formidable U.S. job market.
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