![]() Indications point to more rate hikes in 2023. And in March, the Fed raised rates again by another 25 basis points to an adjusted 4.75% to 5%. ![]() In February this year, the Fed raised rates by 25 basis points to an adjusted 4.5% to 4.75%. But it is unclear for how long exactly the Fed will continue to raise rates. When the Fed raises interest rates, banks tend to increase CD rates as well. To get help with determining where CDs fit into your overall investment plans and what you might expect in terms of returns, consider working with a financial advisor. This also calls into question whether certificates of deposit (CD) rates will continue to rise throughout the year. However, there have been questions on whether the Fed will ease off the rate hikes for the remainder of the year. Continuing its hawkish stance in 2023, the Fed raised rates at the first two Federal Open Market Committee (FOMC) meetings of the year. The Federal Reserve hiked interest rates seven times in 2022 in an attempt to combat inflation, a fight that has proved daunting.
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