Banking
Trump wants to fire Fed Chair Jerome Powell. These experts say it could harm the economy and your money.
8 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
“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.
Mortgage rates
This week's mortgage news
Savings rates
What is the average interest rate for savings accounts?
Auto loan rates
Current car loan interest rates
HELOC rates
This week's HELOC news and analysis
Credit card rates
Current credit card interest rates
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
Chief Financial Analyst
Principal U.S. Economy Reporter
Senior Economic Analyst
Editor's picks
Follow us for the latest financial news:
Greg McBride, CFA
Chief financial analyst, Personal Finance
Mark Hamrick
Washington Bureau Chief, Senior Economic Analyst
Sarah Foster
U.S. Economy Reporter and Analyst
Latest articles
It just might be. But don’t forget the fundamentals of how home equity loans work.
This Fed communication tool is important, but be cautious when interpreting it.
Uncertainty over President Donald Trump’s policies is keeping the Fed on the sidelines, at least for now.
The Federal Reserve’s actions can influence student loan interest rates.
The Federal Reserve just lowered interest rates for the first time in four years.
The Federal Reserve announced that it’s holding interest rates steady following its March 18-19 meeting.
Bankrate’s experts are reacting live to the Fed’s latest interest rate decision.
Still wrestling with inflation, Fed officials might not be so quick to rescue the economy.
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.
Prices rise and fall all the time in the U.S. economy. It’s not always inflation.
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.
The trusted provider of accurate rates and financial information