Many financial experts expect savings account rates to change this summer. Here's what you can expect.
The latest Consumer Price Index report reveals that inflation eased in April to 3.4%, ticking down by 0.1% from March. But despite the positive movement, inflation remains elevated, and the Federal Reserve still has work to do to meet its stated 2% target inflation rate.At one point in early 2024, economists forecasted an interest rate cut after the Federal Reserve indicated it would cut the rate multiple times this year.
Thomas, notes that future rate cuts might not be as noticeable at large commercial banks as with online banks.'The odds are against the Federal Reserve cutting interest rates this summer, barring a series of remarkably good inflation prints,' says Schnipper. 'And bank lending has grown slowly in 2024 — roughly half of its pre-pandemic rate.
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