The Fed's nod to the end of its rate hiking cycle could mean 'last call' for savers
People looking for a return from squirreling away money should act quickly as rates on at least one product are likely to drift lower, Bankrate said Wednesday after the Federal Reserve raised its key borrowing rate to its highest in nearly 20 years.
"This could be 'last call' for savers. CD yields on maturities of one year and longer have peaked and now is the time to lock in," Greg McBride, chief financial analyst at Bankrate, said in a note. He added:"A slowing economy coupled with the Fed moving to the sidelines mean CD yields will start pulling back soon."
offer a fixed interest rate, and they usually have higher returns over savings accounts as money is committed to being locked in for a period of time.
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