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Why you should open a long-term CD before the July Fed meeting
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A certificate of deposit (CD) is typically a smart way to grow and safeguard your money, regardless of the economic climate in which you open it. But, in recent years, these sorts of accounts have seen their benefits surge thanks to inflation and an elevated interest rate climate, causing returns on CDs to grow exponentially. In recent years, savers haven’t needed to search too far to find a CD offering a rate of 4% or higher in both short-term and long-term account versions.
However, the window of opportunity to open such accounts could soon be closing. Thanks to a consistently cooling inflation rate, which dropped for the third consecutive month in June, today’s higher rates may soon be adjusted. And with the next Federal Reserve meeting to discuss interest rates set for July 30, savers should prepare accordingly. Below, we’ll detail three specific reasons why it’s worth opening a long-term CD before the July Fed meeting.
Start by seeing how much more interest you could be earning with a top long-term CD here.
Why you should open a long-term CD before the July Fed meeting
Not sure if you should open a long-term CD now or wait to see how things evolve? Here are three reasons why you should strongly consider opening a long-term CD before the July Fed meeting.
Rates are still elevated
Long-term CD rates, while not as high as the most competitive short-term versions, are still elevated, with some as high as 5.75% right now. With a 3-year CD at that rate, savers stand to earn hundreds and possibly thousands of dollars, depending on the initial deposit amount. But you’ll need to shop around to find a rate that high — and you’ll need to be willing to both lock your money away for the full CD term (or pay an early withdrawal penalty) and consider using an online bank (which tends to offer more competitive rates than their counterparts with physical branches). If those prerequisites are met, however, it makes sense to take advantage of these long-term CD rates while you can still find them.
See what long-term CD rate you can secure now.
Rates may be cut soon
Sure, most experts expect the federal funds rate — currently stuck at a range between 5.25% and 5.50% — to remain the same in July, but the September meeting could be different. The CME FedWatch tool currently has an interest rate cut for that meeting pegged at a 91.7% likelihood. While that could change before the Fed meets on September 17, it’s not worth taking the risk for many savers when today’s high rates are still available.
And remember that a formal rate cut doesn’t need to take place for rates on CDs to drop. Lenders use the federal funds rate as a benchmark but what they offer savers isn’t directly dictated by it. So they could start lowering CD rates soon in anticipation of a formal rate cut to come later.
You’ll earn high returns for multiple years
A short-term CD could come with a great rate right now, but that rate will be gone shortly, possibly before the end of the year if you open a 3-month CD, for example. But with long-term CDs (those with terms longer than 12 months), you’ll earn high returns for years to come. For example, 2-year, 3-year, 5-year and 10-year CDs all offer compelling rates right now, which savers can utilize to earn predictable returns, no matter any uncertainty or changes in the rate climate that otherwise would have affected rates. By opening a long-term CD now, before the July Fed meeting, then savers can immediately start protecting against rate volatility to come.
The bottom line
While the rate climate of the last two years has been an opportune one for savers, it could soon be changing, perhaps as early as this summer. To take advantage of today’s high rates, then, savers should look to long-term CDs. Not only are rates on these specific accounts still high but by acting now they can lock one in before any rate adjustments — formal or otherwise — affect what’s available. And by opening one of these long-term CDs now, savers can earn an elevated rate before and after the July Fed meeting and, potentially, for many years to come.
Actor John Ashton, best known for his role as the by-the-book detective in the “Beverly Hills Cop” franchise, has died, his publicist Alan Somers confirmed to CBS News on Sunday. He was 79.
Ashton died Thursday in Ft. Collins, Colorado, after a battle with cancer.
“John was a loving husband, brother, father, and grandfather who will be deeply missed by all who knew him,” a statement said.
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Ashton was born in Springfield, Massachusetts on Feb. 22, 1948, and raised in Enfield, Connecticut. He received a Bachelor of Arts from the University of Southern California.
Throughout his 50-year career in show business, Ashton appeared in nearly 100 movies after making his debut in 1973’s “The Psychopath.”
He was probably best known for his role as Det. Sgt. John Taggart in the first two installments of the “Beverly Hills Cop” series alongside Eddie Murphy and Judge Reinhold. He reprised his role in 2024’s “Beverly Hills Cop: Axel F.”
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Other film credits include “Some Kind of Wonderful,” “She’s Having a Baby,” “Midnight Run,” “Little Big League” and “Gone Baby Gone.”
On television, he played Willie Joe Garr on several episodes of “Dallas” and made an appearance on such shows like “Columbo,” “Police Squad!” “Hardball” and others.
“John devoted his career to honing his craft and bringing characters to life on the screen. His presence will be greatly missed,” Somers said.
Ashton is survived by his wife Robin Hoye, three children, three step-children and a grandson. He also leaves behind two sisters and a brother.
“John leaves behind a legacy of love, dedication, and service. His memory will forever be treasured by his wife, children, grandchildren, as well as his brother, sisters, his extended family and all who loved him,” Somers said. “John’s impact on the world will be remembered and celebrated for generations to come.”
The family requests any donations in Ashton’s memory be made to Pathways Hospice Care
Thousands of listeners were left without access to tunes and podcasts on Sunday after music streaming service Spotify was down temporarily on Sunday.
More than 40,000 people reported outages with the music platform on downdetector.com, a website that allows users to report problems with popular apps and services. Reports started spiking around 10:45 a.m. ET.
In Spotify’s desktop app, some users were greeted with the error message, “Something went wrong,” and attempts to play tracks were unsuccessful. Spotify’s phone app was also unresponsive to some users.
Spotify wrote on X on Sunday afternoon, “We’re aware of some issues right now and are checking them out!”
Responding to the post, Spotify users complained about the outage disrupting workout routines and plans to stream a playlist at a child’s birthday party.
About an hour later, the streaming service posted that everything was looking much better. The app appeared to be working normally.
Millions of people use Spotify, which was the largest streaming service in 2023. The music platform reports having more than 626 million users, with 246 million subscribers.
CBS News
Primanti Brothers denies claim Sen. JD Vance was “banned” from entering, Vance encourages support of small business
NORTH VERSAILLES (KDKA) – Primanti Brothers is setting the record straight on claims that Republican vice-presidential candidate Sen. JD Vance was “banned” from making a political stop at their North Versailles restaurant Saturday.
The restaurant says it all comes down to momentary confusion for members of their staff, adding they were given no advance notice Vance would be coming.
Washington County GOP chair Sean Logue was one of what he said was about 100 Trump supporters inside the restaurant who had been tipped off that Vance would make a stop there. They arrived an hour early.
“The manager told patrons, other Republicans, that Vance is not allowed to make a campaign stop at Primanti Brothers,” Logue said. “And then when there was pushback to say, ‘Wait a second, Kamala Harris just did this a month ago,’ the response was, ‘Well, if he wants to sit down and order food, we can’t stop him.”
When Vance did arrive ahead of an event in Monroeville, Logue said that the restaurant’s manager ran out to tell him that he was not allowed in the restaurant, that he couldn’t have a campaign stop there, and that if he did go inside – they’d call the police and file trespassing charges.
“I think it’s absolutely insane,” Logue said.
Vance stayed out of the restaurant while one of his staffers tried to negotiate with the Primanti’s manager, who Logue says then called their corporate office.
Many of the Trump supporters walked out of the restaurant, where Vance was taking pictures.
In a statement to KDKA-TV, a Primanti’s spokesperson says Vance and his team were then welcomed into the restaurant where they were able to talk with different guests.
“Primanti’s prides itself on being a staple of the Pittsburgh community and a proud American business that has hosted sitting presidents, politicians, and political candidates from across the spectrum for over 90 years. Our doors are open to all patrons who wish to dine with us. Without any advance notice, today’s campaign stop caused some momentary confusion for our staff. However, Senator Vance and his team were welcomed into our restaurant shortly after and engaged with our guests inside and on the property. Senator Vance’s supportive comments that our manager got a little nervous given the secret service, police and crowd accurately reflect the nature of what occurred, but we are glad that it was resolved quickly.”
“Number one, he was not welcomed,” Logue said. “JD Vance, on his own accord, risking a trespassing charge, walked into Primanti’s, paid the bill for all of us, and walked out two minutes later.”
Logue posted a video to Washington County GOP’s Facebook page which shows Vance walking back inside the restaurant. He briefly addressed supporters when he exited the restaurant and returned to an SUV.
“Look I think what happened is she [the manager] just freaked out a little bit because there were a lot of people and she didn’t want to make her restaurant part of a campaign stop,” Vance said, in a video Logue shared. “It’s alright, don’t hold it against her, she just got a little nervous, it’s a great local business, let’s keep supporting it.”
Primanti’s addressed those comments in their statement.
We asked Logue about the positive nature of Vance’s comments.
“Vance is a true gentleman, and he was being very nice and very gracious, and he was being magnanimous, and he didn’t want to cause any other problems,” Logue said. “I’m being honest with you. I’m telling you that the way Primanti Brothers treated me and the other Republicans is absolutely unacceptable, and nowhere in their statement is an apology, where’s my apology Primanti Brothers.” Logue said Primanti’s has been trying to call him but he won’t take their calls.
In their statement, the Primanti’s spokesperson said their doors are open to anyone who wants to eat there.
KDKA reached out to a member of the Trump/Vance team for comment and are awaiting a response.
John Ashton, “Beverly Hills Cop” franchise actor, dies at 76
Spotify temporarily goes down as thousands of users report outage
Primanti Brothers denies claim Sen. JD Vance was “banned” from entering, Vance encourages support of small business
John Ashton, “Beverly Hills Cop” franchise actor, dies at 76
Spotify temporarily goes down as thousands of users report outage