By Dashia Milden
With just over one week until the Federal Reserve’s last meeting of the year, CD and savings rates are still rising across the board.
As the Fed’s next decision looms, not only are experts predicting another rate hike, but the Fed Chairman himself has signaled that rates will need to go higher to tame inflation.
“We will stay the course until the job is done,” Chairman Jerome Powell said in a speech last week.
But the results of this year’s high interest rates, designed to tame runaway inflation, so far lag behind the Fed’s rate decisions. Despite a lower Consumer Price Index last month, “It will take substantially more evidence to give comfort that inflation is actually declining,” Powell said. “By any standard, inflation remains much too high.”
