CFPB expands oversight of digital payments services including Apple Pay and Cash App
1. Refinance Debt: If you have high-interest debt, such as student loans or a mortgage, now could be the perfect time to renegotiate your terms or refinance. Lower rates can save you significant money over the life of your loan.
2. Build a Savings Account: Before interest rates start to descend, consider stashing more money in a high-yield savings account. You can lock in the higher rate and watch your money grow.
3. Consider Bonds: Buying bonds before a rate cut can be a smart move because as rates fall, bond prices generally go up.
4. Adjust Your Investment Portfolio: With interest rates lowering, it might be a good time to adjust your portfolio, shifting balance between stocks and bonds, based on your risk tolerance and time horizon.
5. Pay off Debt: With lower interest rates, the amount you’ll save in interest on any debt payments will be smaller. Therefore, it may be advantageous to pay off your debts now.
6. Check Your Retirement Plans: If the interest rates cut by the Fed, your retirement savings could be affected, especially if they’re in fixed-income assets like bonds. So you may need to realign your plans according to the new rates.
7. Consider Buying a Home: If you’re considering buying a house, the period leading up to a Fed rate cut could be a good time since mortgage rates typically fall along with the Federal Funds rate.
8. Consider Long-Term Certificates of Deposits (CDs
