![]() ![]() Minimum Balance: $25,000 What is a CD account? In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments." In the official statement, the Federal Reserve stated, "The Committee will continue to assess additional information and its implications for monetary policy. ![]() Since March 2022, the Fed has raised interest rates 11 times in an attempt to combat high inflation, and another rate hike could be coming later this year. This pause in rate hikes means the federal funds rate will remain at a target range of 5.25% to 5.5%, the highest it’s been in 22 years. And as interest rates have risen, many banks have begun offering even more competitive yields on savings accounts.Īs many experts expected, the Federal Reserve held interest rates steady for the second consecutive time at the most-recent policy-setting meeting. Savings rates on CDs have been on the rise since last year, following the Federal Reserve’s effort to lower inflation through several interest rate hikes. By taking advantage of the generous APYs offered on top-yielding CD accounts, you could grow your savings with almost zero risk. ![]()
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