Feb 26, 2023
Unless you have been living under a rock. It is no secret that the Federal Reserve has been raising rates recently to deal with inflation. This has been driving up borrowing costs across the board from everybody in the government with their two-year bond being close to 5% now.
This has been driving up borrowing costs across the board, whether we are looking at the US government borrowing for one year at close to 5% now, or whether we’re looking at mortgage rates that have recently hit about six and a half percent, or whether we’re looking at average credit card rates which have recently hit a high of 19%.
This means that for everybody who has anything to do with debt whatsoever, people are aware that interest rates have been getting more expensive. But there is one interest rate that really has not been increasing across the board at a similar rate as borrowing costs, and that is the interest rate on savings and checking accounts.
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