Skip to Main Content

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.

Bank With Star Icon
June Fed meeting coverage
Federal Reserve Icon
What to expect from the next Fed meeting
Calendar Clock Icon
The Fed’s interest rate history
Rates Up Icon
How the Fed impacts your wallet
Loan Icon
What is the Fed?

The latest on the Fed from Bankrate’s experts

“The Fed has been sitting back, evaluating economic data amidst all the uncertainty. The old saying that you skate to where the puck is going to be — if you don't know where the puck is going to be, you can't skate to it.”

– Greg McBride, CFA

Fed expects two rate cuts this year in response to a projected rise in unemployment, inflation

Federal Reserve policy makers still expect to cut interest rates this year as the U.S. economy shows signs of distress.
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.

Mortgage rates

This week's mortgage news

Savings rates

What is the average interest rate for savings accounts?

CD rates

This week's outlook for CD interest rates

Auto loan rates

Current car loan interest rates

HELOC rates

This week's HELOC news and analysis

Credit card rates

Current credit card interest rates

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

Mark Hamrick Arrow Right Icon

Senior Economic Analyst

Editor's picks

Follow us for the latest financial news:

Latest articles

Illustrated collage featuring townhomes

Mortgage rate forecast October 2023: Higher for longer

Don’t expect mortgage rates to depart from the current trend, experts say.
Oct 01, 2023
Fed Chair Jerome Powell speaks at Fed press conference

Fed leaves interest rates unchanged, sees borrowing costs staying higher for longer

The higher rates rise, the more Fed watchers wonder: Is the Fed about done?
Sep 20, 2023
A stressed mature man goes through his home finances at the dining table

Americans’ expenses are rising faster than their paychecks

High inflation and interest rates are leading many Americans to rely on credit.
Sep 15, 2023
Aerial view of the houses in the suburban areas in Sayerville, New Jersey, USA

U.S. debt downgrade means mortgages just got more expensive

The downgrade of U.S. debt created one more reason for mortgage rates to stay at a peak.
Aug 03, 2023
Fed Chair Jerome Powell speaks at a press conference after the June rate-setting meeting

Fed hikes interest rates to 22-year high, keeps more increases on the table

The real question is: What will the Fed’s next moves be?
Jul 26, 2023
Young forlorn woman sitting down with a suitcase packed

Younger Americans say they’d do anything from downsizing to buying a fixer-upper just for affordable housing

Hit with mounting housing woes, young people ask: Wait it out or make a sacrifice?
Jul 17, 2023
Man in a yellow construction jacket and hard hat

Survey: Economists see unemployment surging to 4.5% and sharp job growth slowdown

Experts, however, still don’t see a labor market as tough as it was during the pandemic.
Jul 12, 2023
Woman walking throw a bunch of floating produce items and cash

Survey: Higher inflation could persist through at least 2024

While the worst of inflation may be over, the battle hasn’t yet been won.
Jul 12, 2023
Design element with Jerome Powell

June Fed meeting recap: Fed leaves rates alone, continues to see two cuts in 2025

Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
Jun 18, 2025
Jerome Powell, chair of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting.

Fed keeps interest rates unchanged as it weighs inflation risks from tariffs

The Fed has now gone six months without cutting interest rates.
Jun 18, 2025
Fed Chair Powell Holds News Conference Following FOMC Rate Decision

The Federal Reserve’s latest dot plot, explained – and what it says about interest rate cuts

This Fed communication tool is important, but be cautious when interpreting it.
Jun 18, 2025
Illustration of a US Federal Reserve ink stamp

6 key ways the Federal Reserve impacts your money

Every financial decision you make is impacted by the Federal Reserve.
Jun 16, 2025
Image of Jerome Powell on a blue background.

Inflation is bucking tariff fears, but the Fed likely won’t cut rates like Trump wants. Here’s why.

Tariffs haven’t created much inflation. You still won’t hear the Fed say all clear.
Jun 16, 2025
young man falling out of the sky along with various household items and cash

Inflation rose less than expected last month, but prices remain high — here’s what might feel most expensive

You might not feel better about inflation because prices are still up post-pandemic.
Jun 11, 2025
Woman reaching in to the air for cash

What is inflation? Here’s how rising prices can erode your purchasing power

Prices rise and fall all the time in the U.S. economy. It’s not always inflation.
Jun 11, 2025
Image of former St. Louis Fed president, Jim Bullard

What the former St. Louis Fed president thinks the U.S. central bank is currently getting wrong with tariffs

Powell is concerned tariffs could lead to more inflation. This former Fed official has a different view.
May 13, 2025
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.

Bankrate’s Economic Indicator Survey: Unemployment could rise to the highest since 2021 by next year

A slowdown may already be underway in the once formidable U.S. job market.
Jul 02, 2025
Design element with Jerome Powell

June Fed meeting recap: Fed leaves rates alone, continues to see two cuts in 2025

Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
Jun 18, 2025
Jerome Powell, chair of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting.

Fed keeps interest rates unchanged as it weighs inflation risks from tariffs

The Fed has now gone six months without cutting interest rates.
Jun 18, 2025
Fed Chair Powell Holds News Conference Following FOMC Rate Decision

The Federal Reserve’s latest dot plot, explained – and what it says about interest rate cuts

This Fed communication tool is important, but be cautious when interpreting it.
Jun 18, 2025
Federal Reserve Chair Jerome Powell.

Biggest winners and losers from the Fed’s latest meeting

The Federal Reserve announced that it’s holding interest rates steady following its March 18-19 meeting.
Jun 18, 2025
Image of Jerome Powell on a blue background.

Inflation is bucking tariff fears, but the Fed likely won’t cut rates like Trump wants. Here’s why.

Tariffs haven’t created much inflation. You still won’t hear the Fed say all clear.
Jun 16, 2025
young man falling out of the sky along with various household items and cash

Inflation rose less than expected last month, but prices remain high — here’s what might feel most expensive

You might not feel better about inflation because prices are still up post-pandemic.
Jun 11, 2025
Image of former St. Louis Fed president, Jim Bullard

What the former St. Louis Fed president thinks the U.S. central bank is currently getting wrong with tariffs

Powell is concerned tariffs could lead to more inflation. This former Fed official has a different view.
May 13, 2025
The trusted provider of accurate rates and financial information
Wall Street Journal
Usa Today
New York Times
Cnn
Bloomberg
Abc