BREAKING: The Fed hiked rates — will it be the last?

The Fed’s benchmark rate is now above 5% [  Advertiser disclosure]( [View in browser  ]( [Bankrate®]( [Jerome Powell speaking at podium]( The Fed officially pushed rates above 5% — but it might be the peak The Fed lifted interest rates by a quarter of a percentage point at its May meeting, the 10th consecutive increase but possibly the last as officials look ready to assess just how much higher rates are impacting the economy. [Read article]( Shop top CD rates as of May 3, 2023 [rates]( [rates]( *APY, or annual percentage yield, is the yearly return on a bank or investment account. Editorial Note: At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict [editorial integrity]( this email may contain references to products from our partners. Here’s an explanation for [how we make money](. Borrowing costs are bound to stay high, even if the Fed stops raising rates Keep a strong handle on your finances, especially as [recession odds increase]( Limit your exposure to higher rates: [Refinance variable-rate debt into fixed-rate loans](. Chip away at credit card debt: [Consider utilizing a balance transfer]( before any offers go away. Focus on the long term: [Don’t let choppy days deter you from investing](. Pick the right savings account: Take advantage of higher rates while you can by [parking your cash in an account where it’s rewarded the most](. Biggest winners and losers from the Fed’s rate decision Credit card borrowers, investors and prospective homebuyers will want to take careful note. [Read article]( Take these steps now after the Fed’s latest meeting Here’s the money moves you should be making. [Read article]( 5 ways the Federal Reserve impacts you The Fed is connected to almost every financial decision you make. [Read article]( © 2023 Bankrate LLC. All Rights Reserved. Bankrate LLC • 38 01 PG A Boul evard • Su ite 5 55 • Palm Beach Gardens, FL 33410 You received this update at {EMAIL} because you have a Bankrate account. You may unsubscribe from this email [here](. View our [privacy policy](.