The Federal Reserve cut the federal funds rate to 4%-4.25% in September. Further rate cuts are expected, potentially dropping the rate to 3.25%-3.50% by 2026. Borrowers benefit, but savers will see lower returns. Consider safe, liquid assets for short-term funds and explore higher-rate options for long-term investments.

You can still get a 5% yield on a high-yield savings account at some online banks. Beyond savings accounts, consider certificates of deposit (CDs) to lock in rates. Treasury bills offer a 4% yield and money market funds provide a 4.07% yield. Explore options to maximize returns on your cash savings.

Certificates of deposit (CDs) offer a 4.45% yield for an eight-month term. Consider longer-term CDs for rates over 4%, safeguarding against future rate cuts. Treasury bills yield around 4% and money market funds offer a 4.07% yield with high liquidity. Choose the best option to protect and grow your cash savings. 1. The stock market reached record highs today, with the Dow Jones Industrial Average closing at an all-time high of 30,000 points. This milestone comes as investors remain optimistic about the potential for economic recovery in the coming months.

2. In political news, President-elect Joe Biden has officially announced key members of his incoming cabinet. Among the appointees are seasoned politicians and experts in their respective fields, signaling a shift towards a more diverse and experienced leadership team.

3. On the health front, pharmaceutical companies Pfizer and Moderna have both reported promising results from their COVID-19 vaccine trials. Both vaccines have shown efficacy rates above 90%, raising hopes for a potential end to the global pandemic in the near future.

4. In international news, tensions have escalated between Iran and Israel following the assassination of a top Iranian nuclear scientist. Iran has accused Israel of orchestrating the attack, leading to fears of retaliation and further destabilization in the region.

5. Finally, in technology news, Apple has announced plans to release a new line of MacBook laptops featuring its own custom-designed chips. The move is expected to improve performance and battery life, solidifying Apple’s position as a leader in the tech industry.

Read more at Yahoo Finance: Where should Americans keep cash now that the Fed is cutting rates? The answer is a lot simpler than you think