As it has done at every meeting this year, the Federal Reserve Open Market Committee on Wednesday decided to leave the central bank’s key overnight lending rate unchanged.
The fed funds rate normally influences – directly or indirectly – movement in the interest rates consumers earn on their savings and pay on their debts.
But in good news for savers, even though the Fed rate hasn’t budged in seven months, other factors have pushed interest rates higher on some low-risk vehicles that can provide healthy returns for your cash.
For those with loans or seeking them, the Fed standing pat may mean the cost of your debts won’t move much. But it is a reminder to seek ways to minimize the interest you’re paying.
Here is where there are opportunities to get – and in some, cases lock in – an inflation-beating rate in the coming months.
