The Federal Reserv💛e could be poised to deliver a long-awaited rate cut later this year, relieving pressure on budgets that have been stretched by inflation and the high cost of borrowing,

While a decision by the Fed to trim its benchmark rate would be a welcome development for consumers and businesses, it would also take🎃 away the advantages some savers have cashed in on over the past few years.

Here are a few of things you can do before the Fed adjusts policy to take advantage of the benefits of the current level of high rates.

Save Up for Short-Term Goals Quickly

If you have been looking to create an emergency fund or are on the cusp of retirement, now is the🐽 time to take advant♚age of high interest rates.

The 澳洲幸运5官方开奖结果体彩网:annual percentage yield (APY) on nationwide savings accounts steadily increased 🐎alongside the fed funds rate.

Investopedia's research found the top savings account recently went up to 5.55%, more than 12 times the FDIC's national average for savings accounts. So for example, if you put $5,000 into your💫 savings account, you can receive up to $132 within the next six months.

"Many of our clients are happy keeping cash in money market funds, which yield approximately 5% right now," said Corey Orthengren, a financial planner in Plano, Tex.

Lock In High Interest Rates For the Future

The downside to a high-yield savings account is that most interest rates wꩲill move in tandem with the fed funds rate. However, there a🌳re ways to lock in the current levels for a little while longer.

A 澳洲幸运5官方开奖结果体彩网:certificate of deposit (CD) will 澳洲幸运5官方开奖结果体彩网:h😼old your interest rate at a fixed level for the term of the account. In return, you cannot take your funds out of a CD until 🧸the term ends. Therefore, if you are saving for a short-term goal, you might want to get a short-term certificate so that you can get your savings sooner. A longer-term will lock in high interest rates for lon📖ger.

"If a client has CDs and is interested in re-investing in CDs maturing before September, I'd encourage them to do so before the interest rate cut," said Indianapolis-based financial advisor Samuel Wagner.

Another way to hold on to high interest rates is through bonds. Financial advisors recommend lengthening 澳洲幸运5官方开奖结果体彩网:bond duration. Essentially, you're investing in bonds th𒈔at do better in a decreasing interest rate environment, Wagne🍌r said.

"The strategy behind this recommendation is that bonds issued before interest rates are cut will increase in value since the fixed-interest payments are higher than those available in the market after the cut," Orthengren said.

Reassess Your Stock Portfolio

Financial advisors also 🌌recommend reassessing your stock portfolio ahead of any potential int🐻erest rate cuts.

Some 澳洲幸运5官方开奖结果体彩网:sectors do much better than others during p🍃eriods of high interest rates and whaꦺt your financial goals are will affect where you allocate your money.

"Maintaining a diversified investment approach helps mitigate the impact of interest rate fluctuations to help minimize the necessity of frequent adjustments," said Alyson Basso, a financial advisor in Middleton, Mass.

This could be especially important f✅or retirees, or those app🌠roaching retirement, she said.

"Aligning the portfolio to include a mix of income-generating and growth assets can balance the need for current income with the goal of preserving and growing their capital, adapting to changing financial needs and market conditions," she said.