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About Ken Tumin

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.


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Bank Deals Blog: Fed / Banking News

Federal Reserve, the Economy and CD Rate Forecast - Jan 21, 2020
Federal Reserve, the Economy and CD Rate Forecast - Jan 21, 2020

The first FOMC meeting of the year is scheduled to start next week, and all indications still point to a continuation of the Fed's decision in December to hold rates steady.

Last week’s inflation report should keep the Fed on track with its pause. The Consumer Price Index (CPI) numbers showed that inflation continues to be low. December core CPI increase was 0.1%, which was below the consensus of 0.2%. The CPI increased 0.2%, which matched the consensus, but was down from the 0.3% increase seen in November. Inflation for 2019...

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Federal Reserve, the Economy and CD Rate Forecast - Jan 14, 2020
Federal Reserve, the Economy and CD Rate Forecast - Jan 14, 2020

The first FOMC meeting of the year is scheduled to start just two weeks from today, and all indications point to a continuation of the Fed's decision in December to hold rates steady.

The December jobs report that was released on Friday should have no effect on the Fed’s policy. The increase in new jobs was a little below expectations, but the unemployment rate remains at 3.5%, a 50-year low. Wage growth was also below expectations. The wage growth increase for the year fell from 3.1% to 2.9%. This should give...

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Federal Reserve, the Economy and CD Rate Forecast - Jan 7, 2020
Federal Reserve, the Economy and CD Rate Forecast - Jan 7, 2020

I and my team at DepositAccounts wish you and your family a happy, healthy and prosperous New Year.

The new year begins with an interest rate forecast that remains the same as December. The Fed will likely hold rates steady this year. The minutes of the Fed’s December meeting were released last Friday, and they reinforced this likelihood of a long pause. According to the minutes, “participants regarded the current stance of monetary policy as likely to remain appropriate for a time as long as incoming information about the economy remained...

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Federal Reserve, the Economy and CD Rate Forecast - Dec 31, 2019
Federal Reserve, the Economy and CD Rate Forecast - Dec 31, 2019

I and my team at DepositAccounts wish you and your family a happy, healthy and prosperous New Year.

Since Tuesday falls on New Year’s Eve, I will postpone the publication of my Tuesday CD summary until January. There will be no CD summary today. My next liquid account summary will be on January 7th, and my next CD summary will be on January 14th. I’m including a few savings account and CD rate updates in this post. For the latest top rates, please refer to the navigation menu above.

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Federal Reserve, the Economy and CD Rate Forecast - Dec 24, 2019
Federal Reserve, the Economy and CD Rate Forecast - Dec 24, 2019

I and my team at DepositAccounts wish everyone a very Merry Christmas and a Happy Holiday season.

Since Tuesday falls on Christmas Eve and New Year's Eve this year, I will postpone the publication of my Tuesday weekly summaries until January 7th. There will be no liquid account summary today and no CD summary next Tuesday. I’m including a few savings account updates along with CD rate updates in this post. For the latest top rates, please refer to the navigation menu above.

The economy remains quite healthy. For Fed policy, signs...

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Federal Reserve, the Economy and CD Rate Forecast - Dec 17, 2019
Federal Reserve, the Economy and CD Rate Forecast - Dec 17, 2019

The last Fed meeting of the year took place last week, and as expected, the Fed held rates steady. The FOMC statement, the Summary of Economic Projections (SEP), and the post-meeting press conference all point to a long pause period in which the Fed will hold rates steady.

First, in the FOMC statement, the Fed removed the word “uncertainties” in describing their economic outlook. This suggests that the Fed is confident that the current federal funds rate will be sufficiently supportive in keeping the economy strong.

Second, the SEP dot plot suggests...

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Federal Reserve, the Economy and CD Rate Forecast - Dec 10, 2019
Federal Reserve, the Economy and CD Rate Forecast - Dec 10, 2019

The Fed’s two-day meeting started today. The meeting announcement is scheduled for 2:00 PM ET Wednesday. Along with the announcement, the Fed will be releasing its quarterly Summary of Economic Projections (SEP), which includes the “dot plot” that shows FOMC participants’ expectations of the future federal funds target rate. Following these releases, a press briefing by Fed Chair Jerome Powell will take place. It appears very likely that the Fed will hold rates steady.

The November jobs report that was released last Friday was much stronger than what analysts had predicted....

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Federal Reserve, the Economy and CD Rate Forecast - Dec 3, 2019
Federal Reserve, the Economy and CD Rate Forecast - Dec 3, 2019

The last scheduled FOMC meeting of 2019 will take place next week, and signs still point to the Fed holding rates steady even with disappointing economic data on Monday. The ISM manufacturing index came out on Monday, and the index fell below expectations. However, this shouldn’t have an effect on the Fed’s policy decision. Economist Tim Duy reviewed the ISM data and its impact on the Fed in this Fed Watch blog post. He doesn’t see the ISM index having an effect on Fed policy:

As I mentioned last week,...

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Federal Reserve, the Economy and CD Rate Forecast - Nov 26, 2019
Federal Reserve, the Economy and CD Rate Forecast - Nov 26, 2019

The last scheduled FOMC meeting of 2019 is just two weeks away, and signs still point to the Fed holding rates steady. That would be a bit of a relief for savers after Fed rate cuts at the last three meetings.

The latest sign of the Fed holding rates steady came from a Monday speech by Fed Chair Jerome Powell. A large part of the speech focused on a “sustained return of inflation to 2 percent.” Fed Chair Powell acknowledged that inflation is running below 2 percent this year, and he...

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Federal Reserve, the Economy and CD Rate Forecast - Nov 19, 2019
Federal Reserve, the Economy and CD Rate Forecast - Nov 19, 2019

Last week’s Congressional testimony by Fed Chair Jerome Powell adds support for the Fed to remain on hold for the foreseeable future. After three straight Fed rate cuts, I think it’s safe to say that Fed rate cuts are over for 2019. That may not be the case for 2020. The Fed’s decision in 2020 will depend on what happens to the economy. If the economy remains on its present path, the Fed is likely to hold steady. If there’s a downturn, another rate cut is likely.

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