Where does that take us going forward? How much higher can we go? And how will it impact your financial life, including your retirement?
We started this year with a Fed Fund rate between .25% and .50% and we’re hovering in the range of 3.75% to 4% now. The general consensus between economists is that we likely have another 2 or 3 additional rate increases over the next few meetings this year and into the beginning of next year. The terminal rate, or the rate where we’ll likely stop going up, may rest around 4.5% or 5%.