CD Rates Forecast 2023 Are CD Rates Going Up

CD rates are still going up, but they are rising more slowly than in 2022. The best one-year CD rates climbed from mid-4% APY to mid-5% APY from January to October 2023. A big reason for the current rising-rate environment is the frequency with which the Federal Reserve has increased its federal funds rate. Short-term CD rates remain higher than long-term rates. The Fed meets once more this year: Dec. 12-13. Nearly all projections suggest that the December meeting will likely end without the Fed changing its rate. Looking ahead, 2024 might be the year that rates start to fall. Lock in CD rates sooner than later. Don’t forget about specialty CDs. Consider a CD ladder to hedge your bets. Compare other short-term ways to save and invest. By Coshorts