It’s the biggest cliffhanger since Colin Baker literally hung off a cliff to end a truly bad episode of Doctor Who. On August 8, the Fed will meet and decide whether to raise interest rates. Traders think there’s a 76% chance the fed will pause the rate hikes, for at least the time being.
I expect banks to see this as a signal to lower the interest rates on savings accounts. In fact, GMAC has already lowered its APY to 4.9% (or 5.0% for amounts above $500). Follow the latest rates here.