When the Fed acts, it affects your wallet. For that matter, when the Fed stands pat, that makes a difference to your finances, too. Here’s how the Fed’s latest announcement will affect rates on certificates of deposit.

Until interest rates start to climb, CD and money market returns will continue to droop.

Yields on long-term CDs, one-to-five-year maturities, are ranging from 1.96 percent to 3.92 percent.

On the shorter end, the average yield for a three-month CD is 1.50 percent and 1.68 percent for the six-month.

Money markets are averaging 1.03 percent.

Best moves now:

If you have a laddered CD portfolio and a rung is coming due, stick with the plan – as painful as that might be — and replace the rung with the corresponding maturity. Let’s hope you began the ladder a few years ago when rates were at 6 or 7 percent, and you’re reaping the benefits of the higher-rate environment.

If you don’t have a ladder and are just looking for a way to not lose money, buy three or six-month CDs. You’ll sacrifice little in the way of liquidity and you’ll likely be able to reinvest that money at a better rate if the economy picks up some steam by then.

Check Bankrate.com for the
best CD rates across the country, then look for the
best money market rates.