The inflation rate rose in May and June. Here's why opening a $10,000 short-term CD in response makes sense now.

Right now, inflation is still hovering just above the Federal Reserve’s target and data is mixed. That’s why Fed Chair Jerome Powell is keeping rates steady, despite public calls for action

Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to boost a job market that looks to be weakening.

Federal Reserve governor Adriana Kugler said the Fed should hold interest rates steady for a while to come, because new trade barriers are likely to spark more inflation in the months ahead. Speaking at a housing conference in Washington,

Rising prices across an array of goods from coffee to audio equipment to home furnishings pulled inflation higher.

With June's inflation reading coming in hotter than the month prior, the Fed is under renewed pressure to maintain its current target range for the federal funds rate. Analysts now see little chance of a rate cut in the near term. That means HELOC borrowers are unlikely to see significant rate drops anytime soon.

"I certainly think there are lessons to be learned there that the administration should be aware of," said Morningstar Wealth's Dominic Pappalardo.

Federal Reserve Governor Christopher Waller said on Thursday (Jul 17) he continues to believe the US central bank should cut interest rates at the end of this month amid mounting risks to the economy

If you're thinking about tapping your home's equity, make sure you understand what could happen with rates soon.