CD interest rates are currently high but will they stay there in 2024? We asked some experts to weigh in.
The Federal Reserve's campaign to curb high inflation has led to interest rates hitting their highest mark in 22 years. The range for the federal funds rate now sits at 5.25% to 5.50%.While high interest rates raise the cost of borrowing on loans and credit cards, it's been a boon for deposit savings accounts. For example, the average rates for top certificates of deposit available online are around 5.50% for CDs ranging from six months to five years.
'My crystal ball is not working at the moment, so based on my views, I would not expect rates to drop much unless we see the economy begin to stall out—which would not be a great thing—which would spur the Fed to begin to decrease rates,' says Sprung. 'Our forecast at the moment is that rates will stay relatively flat throughout 2024, and we will not begin to see interest rates decline.
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