
After a 23-year high, the Federal Open Market Committee (FOMC) cut interest rates by a quarter of a percentage point during its November meeting. It was the second rate cut this year. And they meet again on December 18, with many economists believing they'll cut rates another 0.25%.
Yields on certificates of deposit (CDs), money-market funds and high-yield savings accounts have already dropped since the Fed’s cuts. In light of this development, you may be wondering where to put your money; at the very least, how to hold on to the money you have.