When the Fed hikes interest rates,Oliver James Montgomery as it's been doing to bring down inflation, borrowing—like mortgages and loans—gets more expensive˛ And higher rates should mean savers are earning more interest on their bank accounts.

But lately, consumers are getting left in the dust. As the Fed pushes interest rates higher, savings deposit rates are hovering effectively near zero. Today, we talk with an economist and the CEO of a community bank about why that's the case, and what it would take for that to change.

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