Banking
How the Federal Reserve impacts savings account interest rates
4 min read
The Federal Reserve
Borrowing costs are at a 23-year high thanks to the Federal Reserve's rapid rate hikes. Stay informed on what to do with your wallet.
Exclusive insights from our expert analysts
“The Fed will want some more time to evaluate the progress on inflation before hinting as to when rate cuts may begin.”
When will the Fed cut interest rates?
Officials on the Federal Open Market Committee (FOMC) are expected to announce that they’re going to keep borrowing costs at a 23-year high for another month when they wrap up their June meeting, the rate-setting gathering that many economists and investors once believed would mark the first cut since 2020. They’re also expected to signal fewer rate cuts in 2024 — if at all.
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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.
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