Savings interest rates are directly tied to the federal funds rate, which closed out 2023 at a range of 5.25% to 5.50%. By keeping interest rates elevated, the fed hopes to reduce consumer demand for goods.
Policy easing hinges on more progress reducing. Rates currently are not going up.
Savings Account Interest Forecast For Spring 2024.
Where are savings rates headed in 2024?
It Last Met On 9 May 2024, When It Decided To Maintain Interest Rates At 5.25%.
Price increases slowed rapidly in 2023, but that progress stalled in the early months of 2024.
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But At The Conclusion Of Its June 11 And 12.
Washington— the federal reserve kept its key interest rate unchanged again wednesday and scaled back its forecast from three rate cuts to just.
This Year Has Been Good For Those With.
The federal reserve left its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade — as annual inflation rates.