The Fed's last hike was in July 2023, when the benchmark rate was brought to its current level. Starting in early 2022, the central bank ratcheted up interest rates to combat the hottest inflation in 40 years,
The federal funds rate — or fed rate — is the interest rate banks pay one another to borrow or loan money overnight. The current target range is 4.25% to 4.50%.
What are today's CD interest rates? Depending on your CD type, terms and other details, there's a varying range of CD rates you can qualify for today. The following CD rates are the current national averages for specific terms as of May 30, 2025, according to Bankrate....
The Fed’s dot plot is a chart that records each Fed official’s projection for the central bank’s key short-term interest rate. The dot plot is updated every three months and is meant to provide insight into the Fed’s future rate decisions, with the caveat that Fed officials can’...
They also discuss what’s behind the cut, how many more might follow and the potential impact on the economy, markets and investors’ portfolios. For more on the topic, read “How much is too much cash in your portfolio?” and for the latest developments, tune into our regular Market ...
So, if the prime rate is 5%, your credit card's interest rate would be 19.99%. And if the prime rate increased by one percentage point, your interest rate would rise to 20.99%. Which consumer interest rates are affected by the prime rate, and ...
An interest rate is the percentage of interest relative to the principal. It is either what lenders charge borrowers or what is earned from deposit accounts.
It’s usually expressed as a range. For example, the current federal funds rate is 5.25% to 5.50%. So let’s say Acme Bank lends you money at 5 percentage points over the rate it gets. If you take out a loan in March, when other banks charge Acme 3% interest, Acme charges you ...
Even though interest rates are higher than they were a few years ago, both new homebuyers and current homeowners looking to refinance can secure a good rate today. Plus, borrowers may soon see some relief if the Fed decides to pause rate hikesfollowing its July rate increase. ...
After a hotter-than-expected inflation report on Tuesday, economists now believe the Fed could postpone its first rate cut. Here's what to know.