Skip to Main Content

The Federal Reserve and Your Money

Interest rates are now on the decline, but borrowing costs are still the highest in over a decade. Here's what it means for your wallet.

The latest on the Fed from Bankrate’s experts

“Borrowers should understand that ‘falling interest rates’ are not the same as ‘low interest rates.’ The urgency remains to pay down high-cost debt and utilize zero-percent or other low rate balance transfer offers to turbocharge credit card debt repayment.”

– Greg McBride, CFA

Fed cuts interest rates by quarter point but faces uncertainty following Trump’s election win

The Federal Reserve cut interest rates for the second consecutive meeting on Thursday but this time by a smaller quarter of a percentage point, as inflation continues cooling and a slowdown in the job market stabilizes.
Read More

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.

Experts in all things finance

Our expert reporters and editors bring the news and analysis you need—backed by data and firsthand experience.

About Bankrate
Greg McBride

Greg McBride, CFA Arrow Right Icon

Chief Financial Analyst

Sarah Foster

Sarah Foster Arrow Right Icon

Principal U.S. Economy Reporter

Mark Hamrick

Mark Hamrick Arrow Right Icon

Senior Economic Analyst

Latest articles

A cargo ship moves towards the Bayonne Bridge as it heads into port in New Jersey
Supermarket staff work at a grocery store in medical protective mask
Federal Reserve Chair Jerome Powell speaks during a House Financial Committee hearing in Washington, D.C.
A woman stands beside a gas pump at a gas station in Los Angeles, California
Federal Reserve Board Chairman Jerome Powell
Federal Reserve Chair Jerome Powell speaks beside President Joe Biden after he was nominated for a second term
Fed Chair Powell testifies before the Senate Banking Committee
Chef delivers food to a table outside during the pandemic.
Woman reaching in to the air for cash
Federal Reserve Eccles Building illustration
Fed Chair Jerome Powell speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing.
Jerome Powell, Chair of the Federal Reserve of the United States
Illustration of a US Federal Reserve ink stamp
Illustration of Fed Chair Jerome Powell
Jerome Powell speaking. A now hiring banner in the background.
young man falling out of the sky along with various household items and cash
Easy mornings and working from home for this couple
Federal Reserve Eccles Building illustration
Fed Chair Jerome Powell speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing.
Senior couple sitting at the kitchen table looking at digital tablet and recalculating their expenses.
Women using digital tablet to check her finances at home office
Fed Chair Jerome Powell speaks from a podium
Illustration of Fed Chair Jerome Powell
young man falling out of the sky along with various household items and cash
The trusted provider of accurate rates and financial information
Wall Street Journal
Usa Today
New York Times
Cnn
Bloomberg
Abc