CD Rates Climb to Over 6% as Fed Hikes Interest Rates to Fight Inflation
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The top nationally available CD rates include 6.50% APY for an 8-month term and 6.00% APY for 12-17 months.
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15 CDs currently pay 5.75% APY or higher, up from just 9 in early October.
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One regional CD available in 5 states pays a market-leading 6.25% APY.
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The Fed is expected to hold rates steady at its November meeting but may hike again in December or January.
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CD rates have climbed with the Fed's aggressive rate hikes aimed at taming high inflation. More increases are possible if inflation remains too high.
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