When the Fed raises or lowers short-term interest rates, the impact doesn't ripple evenly through the economy. Different interest rate-related products will behave in different ways leading up to, and in response to, a Fed rate increase or decrease. Here's a look at how quickly your budget will take a hit, or benefit because of the Fed interest-rate moves.

What do Fed rate moves mean?

Mortgages Home Equity Auto loans CDs MMAs Credit Cards MMAs Money market accounts, or MMAs • Yields on money market accounts are closely tied to what the Fed does with short-term interest rates. In a rising rate environment not all banks are eager to reward depositors with better returns, but you can be sure many of them will reduce returns pretty quickly when the Fed cuts.   Conclusion: MMA yields are sensitive to Fed rate changes -- going down quicker than rising. Money market mutual funds, or MMMFs • Yields on money market funds follow Fed moves, but it can take nearly three months before a move is completely reflected in money fund yields, as short-term investments within the fund mature and are reinvested at the new rates.   Conclusion: MMMFs are sensitive to Fed rate changes.   Compare money market account rates.