On Wednesday, the Federal Reserve raised interest rates a quarter percentage point, and officials noted in their statement that while “inflation has eased somewhat” it does remain “elevated” and thus “ongoing increases in the target range will be appropriate.” This comes on the heels of plenty of other recent rate hikes. Indeed, in 2022, the Federal Reserve raised interest rates seven times to combat inflation – and those rate hikes have led to many high-yield savings accounts paying more than they have in over a decade.