USC finance professor Larry Harris says there are money-making opportunities when interest rates go up.
Since the announcement by Fed Chair Jay Powell that the Federal Reserve was raising its benchmark interest rate by three-quarters of a percentage point, the highest rate increase since 1994, many people have worried the hike will cost them money. Federal Reserve raises key interest rate 0.75 percentage points as it tries to calm inflation
"If you are saving money in a bank where they adjust the rates regularly, like in a money market account, your interest rate has probably already risen and will continue to rise as interest rates rise," said finance professor Larry Harris. You can purchase $10,000 in series I bonds each year and must hold them for at least that long. If you don't want to lock up your money, some banks will even offer interest on checking accounts.
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