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Rescue the job market or stop inflation? A rate cut from the Fed this week could hit your wallet — and your paycheck
5 min read
The Federal Reserve and Your Money
Interest rates are a little lower than they used to be, but they’re still near the highest levels in over a decade. Here’s what it means for your wallet.
The latest on the Fed from Bankrate’s experts
“The absence of recent inflation data leaves the Federal Reserve operating with limited visibility, while alternative labor indicators and political pressure are steering the committee toward a more accommodative policy stance.”
A Divided Fed Moves Toward Another Interest Rate Cut — But What Comes Next?
The Fed is widely expected to cut interest rates for the third straight time when policymakers gather for the final meeting of the year on Dec. 9-10, but a difficult economy is leading to disagreement. Inflation is rising, but so is unemployment, and officials don’t know whether they should keep rates high to protect Americans’ purchasing power — or cut rates to keep unemployment from rising even more.
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Recent interest rate trends
Every time the Federal Reserve adjusts interest rates, borrowing and savings rates move in lockstep. Compare Bankrate data to see how the latest Fed decision is impacting rates on key consumer products.
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