Don't see the labor market falling apart at this point, says Wells Fargo's Jay Bryson
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Yahoo
16 minutes ago
- Yahoo
Best CD rates today, July 31, 2025 (lock in up to 5.5% APY)
Find out which banks are offering the best CD rates right now. If you're looking for a secure place to store your savings, a certificate of deposit (CD) may be a great choice. These accounts often provide higher interest rates than traditional checking and savings accounts. However, CD rates can vary widely. Learn more about where CD rates stand today and how to find the best rates available. Banks with the best CD rates today CD rates are relatively high compared to historical averages. That said, CD rates have been on the decline since last year when the Federal Reserve began cutting its target rate. The good news is that several financial institutions offer competitive rates of 4% APY and up, particularly online banks. As of July 31, 2025, the highest CD rate is 5.5% APY, offered by Gainbridge® on its 5-year CD. There is a $1000 minimum opening deposit required. Here is a look at some of the best CD rates available today from our verified partners: CD rate predictions for 2025 The Federal Reserve recently began decreasing the federal funds rate in light of slowing inflation and an overall improved economic outlook. It cut its target rate three times in late 2024 by a total of one percentage point. The Fed has indicated it will continue cutting its target rate in 2025. However, it now projects a total of two cuts, down from its previous projection of four. The federal funds rate doesn't directly impact deposit interest rates, though they are correlated. When the Fed lowers rates, financial institutions typically follow suit (and vice versa). So now that the Fed has lowered its rate, CD rates are beginning to fall again. That's why now may be a good time to put your money in a CD and lock in today's best rates. How to open a CD The process for opening a CD account varies by financial institution. However, there are a few general steps you can expect to follow: Research CD rates: One of the most important factors to consider when opening a CD is whether the account provides a competitive rate. You can easily compare CD rates online to find the best offers. Choose an account that meets your needs: While a CD's interest rate is a key consideration, it shouldn't be the only one. You should also evaluate the CD's term length, minimum opening deposit requirements, and fees to ensure a particular account fits your financial needs and goals. For example, you want to avoid choosing a CD term that's too long, otherwise you'll be subject to an early withdrawal penalty if you need to pull out your funds before the CD matures. Get your documents ready: When opening a bank account, you will need to provide a few pieces of information, including your Social Security number, address, and driver's license or passport number. Having these documents on hand will help streamline the application process. Complete the application: These days, many financial institutions allow you to apply for an account online, though you might have to visit the branch in some cases. Either way, the application for a new CD should only take a few minutes to complete. And in many cases, you'll get your approval decision instantly. Fund the account: Once your CD application is approved, it's time to fund the account. This can usually be done by transferring money from another account or mailing a check. Read more: Step-by-step instructions for opening a CD
CNBC
37 minutes ago
- CNBC
Trump directs commissioner of labor statistics to be fired after weaker-than-expected jobs figures slam markets
President Donald Trump on Friday demanded the firing of the Bureau of Labor Statistics commissioner, hours after the agency reported that job growth in the U.S. had slowed to a near-halt. In a Truth Social post that also directed even more fire at Fed Chair Jerome Powell, Trump accused BLS Commissioner Erika McEntarfer of being a political appointee who was manipulating jobs data. "I was just informed that our Country's "Jobs Numbers" are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's [Harris'] chances of Victory," Trump wrote. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," he added. CNBC has reached out to the BLS for comment. This is breaking news. Please refresh for updates.
CNBC
an hour ago
- CNBC
BlackRock's Rick Rieder says a half-point rate cut by the Fed in September is possible
Rick Rieder, BlackRock's chief investment officer for global fixed income, said July's dismal jobs report opened the door for a jumbo rate cut from the Federal Reserve next month. "We would argue that the evidence the Fed needed in order to justify a cut in September has arrived in today's report," Rieder said in a note to clients Friday afternoon. "If slack in the labor force builds at all, or we continue to see a below 100,000 jobs hiring rate persistently, we would expect the Fed to start moving rates lower, and a 50-basis point cut in September might be possible depending on how the data evolves." A half-point cut next month would mirror the Fed's move in September 2024 when it began the easing cycle with a big rate reduction. His comment came after data showed U.S. labor market suffered a sizable slowdown in the past few months. Payrolls increased only by 73,000 in July, much lower than a Dow Jones estimate for a gain of 100,000. To make the matter worse, the totals in the prior two months were revised down by nearly 260,000 combined. Following the weak report and the dramatic revisions, futures traders hiked the odds of a cut at the September meeting to about 83%, up from 40% on Thursday, according to CME Group data . Still, while Rieder entertained the possibility of a half-point cut next month, futures market currently assigns zero chance of it. "Today's report provides the evidence the Fed needs to make a September interest rate adjustment, so the only question is how large that will be," Rieder said. BlackRock manages $3.1 trillion in fixed income assets on behalf of clients. The Fed kept its benchmark interest rate in a range of 4.25% to 4.50% earlier this week, with two members disagreeing with the move. Fed Chair Jerome Powell said there has been no decision made on how the central bank will proceed at its September meeting, adding that policymakers must wait and see the effect of tariffs before they proceed.
