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Steve Garmhausen - 1 ” - 1 Sander Read - 1 Keith Larkin - 1 Ken Tumin - 1 “ - 1
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Winter Park Fla San Francisco Bank
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☆ Where to Move Your Savings Now That the Fed Has Raised Rates Even Higher
  + stars: | 2023-07-26 | by ( Steve Garmhausen | ) www.wsj.com   time to read: +5 min
But rates on savings accounts and certificates of deposit could start to fall before long—so it might make sense to lock in today’s rates soon. That means that it could become a lot harder to find savings accounts and certificates of deposit paying the most attractive rates. “I think we’ve already broken past the peak,” says Sander Read, a financial advisor in Winter Park, Fla.Where are interest rates headed next? What do higher rates mean for savings accounts and CDs? The reason: Banks that need to raise more cash to make loans are more likely to dangle higher interest rates to get it.
Persons: Steve Garmhausen, ”, Sander Read, Keith Larkin, Ken Tumin, “ Organizations: Fed, Federal Deposit Insurance Corp, Bank, Treasury Locations: Winter Park, Fla, San Francisco, Bank
☆ The Fed May Be Done Raising Rates. Here’s What It Means for CDs and Savings Accounts
  + stars: | 2023-05-03 | by ( ) www.wsj.com   time to read: +5 min
So, if you don’t need immediate access to your savings, it may make sense to lock in current interest rates with a CD. And while the pace of price increases remains well above the Fed’s preferred level of 2%, the central bank fears that raising interest rates any more could tip the fragile economy into recession. The likely explanation is that banks expect interest rates to decrease and don’t want to be locked into paying higher rates for extended periods of time. It’s true that if CD rates are, say, 3% a couple of years from now, then a 4.5% yield will look very good. And because falling interest rates tend to drive up bond prices, that’s what they’d likely do.
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