The Federal Reserve paused rate hikes in September 2023, offering relief to savers and borrowers 

Despite the pause, future rate increases are not ruled out after 11 hikes in 16 months 

The Fed controls the federal funds rate, affecting borrowing and saving rates across the financial world 

Interest rate management is used to combat inflation, stimulate recovery, or maintain stability 

The Fed's concern about elevated inflation levels led to the decision to hold interest rates high 

Checking and savings account rates may stay stable due to the pause in rate hikes 

High-yield savings accounts offer attractive APYs, some exceeding 5% 

Money market accounts see substantial rate increases, making them a viable option 

CDs have become more lucrative, with some offering over 5% APY 

Borrowing costs for personal loans and mortgages have risen, impacting consumers, and credit card interest rates remain high