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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

“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.
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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

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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

Latest articles

Illustrated collage featuring townhomes
Don’t expect mortgage rates to depart from the current trend, experts say.
Fed Chair Jerome Powell speaks at Fed press conference
The higher rates rise, the more Fed watchers wonder: Is the Fed about done?
A stressed mature man goes through his home finances at the dining table
High inflation and interest rates are leading many Americans to rely on credit.
Aerial view of the houses in the suburban areas in Sayerville, New Jersey, USA
The downgrade of U.S. debt created one more reason for mortgage rates to stay at a peak.
Fed Chair Jerome Powell speaks at a press conference after the June rate-setting meeting
The real question is: What will the Fed’s next moves be?
Young forlorn woman sitting down with a suitcase packed
Hit with mounting housing woes, young people ask: Wait it out or make a sacrifice?
Man in a yellow construction jacket and hard hat
Experts, however, still don’t see a labor market as tough as it was during the pandemic.
Woman walking throw a bunch of floating produce items and cash
While the worst of inflation may be over, the battle hasn’t yet been won.
Design element with Jerome Powell
Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
Jerome Powell, chair of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting.
The Fed has now gone six months without cutting interest rates.
Fed Chair Powell Holds News Conference Following FOMC Rate Decision
This Fed communication tool is important, but be cautious when interpreting it.
Illustration of a US Federal Reserve ink stamp
Every financial decision you make is impacted by the Federal Reserve.
Image of Jerome Powell on a blue background.
Tariffs haven’t created much inflation. You still won’t hear the Fed say all clear.
young man falling out of the sky along with various household items and cash
You might not feel better about inflation because prices are still up post-pandemic.
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 former St. Louis Fed president, Jim Bullard
Powell is concerned tariffs could lead to more inflation. This former Fed official has a different view.
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.
Design element with Jerome Powell
Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
Jerome Powell, chair of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting.
The Fed has now gone six months without cutting interest rates.
Fed Chair Powell Holds News Conference Following FOMC Rate Decision
This Fed communication tool is important, but be cautious when interpreting it.
Federal Reserve Chair Jerome Powell.
The Federal Reserve announced that it’s holding interest rates steady following its March 18-19 meeting.
Image of Jerome Powell on a blue background.
Tariffs haven’t created much inflation. You still won’t hear the Fed say all clear.
young man falling out of the sky along with various household items and cash
You might not feel better about inflation because prices are still up post-pandemic.
Image of former St. Louis Fed president, Jim Bullard
Powell is concerned tariffs could lead to more inflation. This former Fed official has a different view.
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