As the federal funds rate increases, you can expect CD rates at many banks to follow suit. In both September and November FOMC meetings, however, the Fed decided to maintain the current target range for the federal funds rate while actively monitoring inflation to determine whether another rate increase might be needed.īanks generally use the federal funds rate as a guide when setting rates on savings and lending products. In July 2023, the Federal Open Market Committee (FOMC) again raised the federal funds rate, this time to a range spanning from 5.25% to 5.50%. Are CD Rates Going Up?ĬD rates may be flattening out. ![]() Please click here to see your rate before applying.
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