"Maximizing Your Savings: Navigating 2024's CD Rate Landscape"

The Federal Reserve's recent 11-hike cycle has left the federal funds rate at 5.33%, resulting in higher short-term CD rates due to economic uncertainty and the Fed's response to inflation. Experts suggest that the traditional model where long-term CDs offer higher rates than short-term ones could return as economic stability is restored, but the timing of this shift is uncertain and dependent on various factors. Opening a CD now may be advantageous to lock in an elevated interest rate before rates drop.