The Federal Reserve 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 co♎stꩲ 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 advantage of hiꦉgh interest rates.

The 澳洲幸运5开奖号码历史查询:annual percentage yield (APY) on nationwide savings accounts steadily increased alongside the fed fund🅺s r𝓰ate.

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 ex▨ample, 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 will move 🧔in tandem with the fed funds rate. However, there are ways to lock in the current levels for a🃏 little while longer.

A 澳洲幸运5开奖号码历史查询:certificate of deposit (CD) will 澳洲幸运5开奖号码历史查询:hold ꦉyour interest rate at a fixed le⛎vel 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 savin෴g 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 longer.

"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开奖号码历史查询:bond duration. Essentially, you're investing in bonds that do better in a decreasing interꦡest rate envi♉ronment, Wagner 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 alsওo recommend reassessing your stock portfolio ahead of any potential interest rate cuts.

Some 澳洲幸运5开奖号码历史查询:sectors do much better than others duri🥃ng periods of high interest rates and what 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 for retirees, or those appr⛎oaching 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.