Americans are bracing for some uncertain times after the Federal Reserve, yet again, raises interest rates by 75 basis points.
The Federal Reserve has raised rates again for the third time in a series of"supersize" rate hikes that Fed Chair Jerome Powell says is expected to continue to try and reduce inflation aggressively.
The number of homes sold in the U.S. fell by about 20% in August 2022 compared to the same time in the previous year, the National Association of Realtors said in a recent report. While there is no direct connection between federal funds and deposit rates, according to Forbes, banks have been observed slowly raising annual percentage yields on deposit accounts.
“Of course, earning 2.5 percent or 3 percent isn’t all that exciting when inflation is running north of 8 percent, so continued rate hikes should bode well for savers – pushing yields higher and eventually bringing inflation down,” McBride said.Experts say that investors should see heightened stock market volatility and sudden drops as the Federal Reserve has indicated that it will continue to raise rates until inflation is under control.
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