Here are some money moves to make while the Fed keeps rates near zero

Here are some money moves to make while the Fed keeps rates near zero

The Federal Reserve said Wednesday it will keep its benchmark interest rate  despite signs the economic recovery is well underway. But it's clear rates won't stay near rock-bottom forever. Recent data showing and will pave the way for unwinding last year's bond buying and near-zero interest rates. Fed officials did indicate that rate hikes could come as soon as 2023, after saying in March that it saw no increases until at least 2024. The Federal Open Market Committee raised its inflation expectation to 3.4%, although the central bank said it expects to "maintain an accommodative stance of monetary policy" for now. "Being 7.8 million jobs short of pre-pandemic levels and with 9.3 million workers counted as unemployed gives the Fed air cover to maintain stimulus and hold off any outward discussions of tapering their bond purchases," said Greg McBride, chief financial analyst at Bankrate.com. "Even without talking about it publicly, behind closed doors it is bound to be a hot topic of discussion." Although the  which is what banks charge one another for short-term borrowing, is not the rate that consumers pay, the Fed's moves still affect the borrowing and saving rates they see every day. The Fed's