Over the weekend, I read an article that discussed the possibility that the Fed might raise rates soon. (What does soon mean in this case? I don’t know.) The article was written with a sort of “Oh no, this is terrible!” sort of vibe, but as a saver, I was pleased to see this happening. Rising interest rates are always good for my savings account.
Now, I’m not entirely selfish here. There’s another big positive to rates rising. If the Fed is comfortable bringing rates up again, that means that they believe that the economy is finally moving in the right direction. That’s something I think we can all handle. It’s nice to not see all sorts of doom and gloom going on. Plus I like the idea that maybe my retirement accounts will finally start to show some real growth instead of loss.
Of course, I don’t want rates to skyrocket. That would be amazing for my savings account, but not so amazing for the day when I want to try to get a mortgage. But maybe we could have a nice balance.
Love Counting My Pennies?
Sign up to get our latest content by email.