Maximize your money before the Fed's decision next week. Maria Forbes/Getty Images
With the economic headlines full of tariffs, layoffs and unrelenting high prices, Federal Reserve drama may not seem terribly relevant.
But the central bank affects your money in more ways than you might realize. From how much you pay on your debt to how fast your savings grow, the Fed's actions have real consequences for your wallet.
At its next meeting July 29-30, the Fed is expected to hold interest rates steady, which should keep savings rates (and borrowing rates) high for the time being. It could begin cutting rates as soon as September, however, so you only have a small window to make some strategic moves with your money.
Read more: Savings Rates Could Drop This Fall. What to Do Before the Fed Makes a Move
Make these 4 money moves now
Make the most of the Fed's upcoming 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 based on the interest rate in effect when you open the CD. Some of the best CDs today offer annual percentage yields of up to 4.5%.
Because the Fed is expected to cut rates in the fall, locking in a higher APY now can protect your future earnings if rates drop. Though banks tend to follow the Fed's lead when setting CD rates, APYs have already started falling and will likely drop more in the fall.
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