Fed Expected to Stop Raising Rates, Impacting Savings, Mortgages, and Credit Cards
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Economists forecast the Fed will stop raising interest rates and hold them steady for several months before potentially cutting rates in 2024. This could impact savings accounts, CDs, and mortgages.
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Savers should lock in high-yield savings accounts and long-term CDs now before rates potentially drop when the Fed cuts rates.
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Mortgage rates may continue to ease if the Fed holds off on hikes, possibly dipping below 7%, but home affordability remains a challenge.
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Don't expect credit card companies to cut APRs in the near future. Rates will likely keep slowly rising. Pay down balances to save on interest.
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With potential economic slowing ahead, consumers should rebuild depleted savings to prepare for any instability in the job market.