Make the most of your money while rate cuts are on hold. Maria Forbes/Getty Images
Despite mounting pressure to lower interest rates, the Fed chose to keep rates where they are at this week's Federal Open Market Committee Meeting. With interest rate cuts on hold so far this year, policymakers have more time to assess how the economy responds to tariffs, layoffs and geopolitical conflict.
"More of the same" doesn't mean status quo for your finances. The Fed's decisions (including its forecasts) have real consequences for your wallet. With interest rate cuts on pause for now, here's how you can focus on saving more and spending less where it counts.
Read more: The Fed's Interest Rate Decision Is Good News for Your Savings: Here's Why
Make these 4 money moves now
Make the most of the Fed's decision by doing these things ASAP.
✅ Open a certificate of deposit
CDs are unique deposit accounts that come in terms ranging from a few months to several years. You need to leave your money in the CD for the entire term to avoid early withdrawal penalties. In exchange, the bank or credit union pays you a fixed return for the entire term based on the interest rate in effect when you open the CD.
Some of the best CDs today offer APYs of up to 4.5%. The Fed is expected to cut rates in the fall, so locking in a higher APY now can protect your future earnings if rates drop. Banks tend to follow the Fed's lead when setting CD rates. APYs have been falling even with rates paused, so if you're thinking of opening a CD, now is a great time to do it.
"If you have investment money that aligns with maturity dates on CDs and you want a fixed guaranteed rate, I would recommend investing in that CD now," said Faron Daugs, CFP, founder and CEO at Harrison Wallace Financial Group.
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