The Fed meets eight times a year to assess the health of the US economy and vote on the federal funds rate, the rate banks use to lend and borrow money. While the Fed's decision to change rates doesn't directly affect savings rates, changes in APYs typically follow. The changes can take several weeks or even months to take effect.

US President Donald Trump renewed his attacks on the US central bank, hours after officials left interest rates unchanged despite his public calls for them to cut. In a social media post, he accused the Federal Reserve and its chairman Jerome Powell of mishandling the economy,

The Federal Reserve left interest rates unchanged on January 29, and an interest rate cut is unlikely when the Fed issues its next policy decision on March 19, 2025.