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Trump wants to fire Fed Chair Jerome Powell. These experts say it could harm the economy and your money.
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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
“It is tempting to romanticize the idea of lower interest rates, particularly from a borrowing perspective. But the reason for lower interest rates is very important. We want interest rates to come down because inflation pressures are easing, not because the economy is weakening.”
Fed skips another interest rate cut, warns of ‘potential’ for stagflation
The Federal Reserve voted on Wednesday to keep interest rates steady for the third consecutive meeting even while acknowledging that unemployment could increase, a decision that signals officials are more concerned about inflation than the possibility of a recession.
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.
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Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
The key benchmark has been as high as 20 percent — and as low as 0 percent.
Every financial decision you make is impacted by the Federal Reserve.
Trump’s tariffs could raise prices and unemployment, backing the Fed in a corner.
If the Fed’s independence is jeopardized, here’s what experts say it could mean for your wallet.
You might not feel better about inflation because prices are still up post-pandemic.
Powell is concerned tariffs could lead to more inflation. This former Fed official has a different view.
Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
The key benchmark has been as high as 20 percent — and as low as 0 percent.
Trump’s tariffs could raise prices and unemployment, backing the Fed in a corner.
If the Fed’s independence is jeopardized, here’s what experts say it could mean for your wallet.
Savings yields topping inflation could let you hold onto your purchasing power.
The odds of a downturn jumped the most since 2022.
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