The Federal Reserve is expected to cut rates. Here are a few financial moves to make and mistakes to avoid first.
Inflation has been cooling and that's a sign that the Federal Reserve could cut its federal funds rate soon. The Fed adjusts this benchmark rate in response to economic developments. And, many experts agree that a rate cut will happen at some point before the end of the year. That's important because changes to the federal funds rate are typically followed by changes to the interest rates financial institutions charge consumers for borrowing money and pay them for depositing it.
'Aim to save enough to cover three to six months' worth of expenses to cushion against unexpected financial setbacks,' explains Justin Stivers, financial advisor and founding attorney at Stivers Law, an estate planning and asset protection law firm. But, once you have that amount in a variable-rate deposit account, like a high-yield savings account, you should consider opening a CD with your remaining savings to lock in today's rates.
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