Investors inclined to buy certificates of deposit were able to lock in attractive rates on “safe” money.
The third quarter offered stock investors few places to hide, but people who snapped up a certificate of deposit may have locked in great rates. As the third quarter drew to a close, a few banks offering high yield CDs and savings accounts boosted their rates even further, according to a Friday analysis by Stephens analyst Vincent Caintic. Banks that hiked yields in the final stretch of the third quarter include Bread Financial , which is now offering an annual percentage yield of 5.
Though the Federal Reserve held rates steady in September, policymakers indicated that rates would stay higher for longer – and that could pressure banks' deposit costs, according to a Monday report from Morgan Stanley. "We expect at least one more guide up from bank management teams on deposit betas as the Fed keeps rates higher for longer," wrote Morgan Stanley analyst Betsy Graseck.
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