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Make sure your savings earns a meaningful return in today’s inflationary environment.
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Inflation has run hot thus far in 2024. Although January’s 3.1% inflation rate was lower than December’s 3.4% rate, it was higher than economists expected. And, in February and March, price growth started to speed up across the United States – with inflation rates in those months coming in at 3.2% and 3.5%, respectively. But, that may be good news for savvy savers. After all, inflation and interest rates usually increase at the same time. So, interest rates, and in turn, earnings on many deposit accounts, are high at the moment. And, if inflation continues ticking up, the Federal Reserve could push its federal funds rate higher – which could drive consumer interest rates up. Then again, if inflation begins to cool, the Fed could cut rates. That could lead to lower earnings on deposit accounts ahead. With this uncertainty in the air, you may be at a loss for what you should do with your savings ahead of the coming inflation report. Find a few smart savings moves you should make ahead of the release of April’s inflation data below. Compare today’s leading high-yield savings accounts now! 3 savings moves to …
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