"The time has come for the Fed to reduce interest rates," Powell said Friday in his keynote speech. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."
According to Greg McBride, chief credit analyst for Bankrate, savers should lock in attractive yields now. "There is not a benefit to waiting because interest rates are going to be moving lower," he emphasized, highlighting the advantage for those looking at CDs or bonds.
McBride pointed out that anyone closer to retirement has an opportunity to capitalize on current rates. "If you do so, you'll provide yourself a predictable flow of interest income at rates that should outpace inflation by a pretty healthy margin," he noted.
Matt Schulz cautions that while credit card bills won't drop immediately following the Fed meeting, borrowers can ultimately expect better rates. "Nobody should expect miracles," he stated, emphasizing gradual changes ahead.
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