How banks kept $485 billion of the Fed’s rate hikes from savers.

How banks kept $485 billion of the Fed’s rate hikes from savers. “Even then, just 7 cents of every dollar of rate increase reached the average savings account.” The study tracks Fed Funds vs. the FDIC’s national average savings rate and finds banks moved fast on cuts, but dragged their feet on hikes, leaving a record gap in 2023. ~ learn more