5 experts predict what will happen to CD payouts in the coming months.
As the Fed raised interest rates over the past year-and-a-half to combat inflation, the payouts on some CDs reached a decades-long high. Indeed, plenty are paying annual percentage yields of upwards of 5% — and you can see some of the highest CD rates you may get now here. But what’s next for CDs?
Prediction 2: ‘The highest rates will be for this economic cycle.’ “While we have had very strong GDP data, we’ve also seen some good progress on inflation. We’ve come from a high of 9.1% to 3.7% in September and if inflation is less of an issue, the Fed won’t need to raise rates given they’re already restrictive,” says certified financial planner Chad NeSmith at Tobias Financial Advisors.
Prediction 4: Now it ‘a great time’ to lock in rates for many of you. If you’re CD-curious, you’ll want to act swiftly, some pros say. “If you’re approaching retirement or in retirement and looking to lock in a predictable stream of interest income, now is a great time to be doing that as yields are the best we’ve seen in more than 15 years and there might not be much more improvement to come,” says McBride.
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