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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

Sarah Foster Arrow Right Icon

Principal U.S. Economy Reporter

Mark Hamrick

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Senior Economic Analyst

Latest articles

Federal Reserve Chair Jerome Powell speaks with lawmakers at a congressional testimony
Officials are sounding the alarm that they’re running the economy too hot.
the change drawer of the cash register at Symbiote Collectibles in West Reading, PA
The coin shortage in the U.S. continues to be an inconvenience for many.
A cargo ship moves towards the Bayonne Bridge as it heads into port in New Jersey
The principle can sometimes predict where inflation is heading.
Supermarket staff work at a grocery store in medical protective mask
Employers should also restore just about all of their pandemic-related job cuts.
Federal Reserve Chair Jerome Powell speaks during a House Financial Committee hearing in Washington, D.C.
Economists say high inflation is forcing the Fed’s hand.
A woman stands beside a gas pump at a gas station in Los Angeles, California
Price increases depend on supply chain and labor shortages.
Federal Reserve Chair Jerome Powell speaks beside President Joe Biden after he was nominated for a second term
Soaring inflation is making it hard for the Fed to justify its aggressive policies.
Fed Chair Powell testifies before the Senate Banking Committee
The appointment gives Powell the chance to finish the U.S. central bank’s pandemic response.
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.
Image of a torn apart one hundred U.S. dollar bill with a red jagged graph line running through the the torn pieces.
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.
Illustration of a US Federal Reserve ink stamp
Every financial decision you make is impacted by the Federal Reserve.
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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