How to Read the Fed

The Federal Open Market Committee sets the Fed Funds target range eight times a year. The statement, the press conference, and the dot plot all move markets.

What to listen for

• The target range itself.
• Language about inflation ("disinflation", "persistent").
• Changes to the balance sheet ("QT").
• The dot plot median for the year ahead.

Why it matters for your cash

A hawkish tone keeps deposit rates high. A dovish pivot means today's APYs may be the best you see for a while — a reason to lock CDs.