The Fed paused rates for the second consecutive meeting. Here's how to use the pause to your financial advantage.
The Federal Reserve has raised interest rates 11 times in the past 18 months. However, that trend seems to be changing, at least for the time being. The Fed left rates unchanged for the second consecutive meeting on Wednesday maintaining its target rate between 5.25% and 5.50%.The Fed's decisions have a direct impact on your money, but the moves you should make following their decisions are often unclear. After all, the relationship between the Fed and your money is a complex one.
Beyond that, the current inflation rate is still above the Fed's 2% target, suggesting there could be more rate hikes on the horizon.So, if you need to purchase a home any time in the near future, it may be wise to lock in today's mortgage rates rather than taking the chance of having to buy at higher rates later. Lock in your mortgage rate today.Open a CDToday's certificate of deposit yields are through the roof, but interest rates won't stay high forever.
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