The Federal Reserve raised its federal funds target rate another quarter of a percentage point on May 3 in its bid to cool inflation. The move marks the 10th consecutive Fed rate hike since March 2022, bringing the benchmark interest rate to its highest level in 16 years. Higher interest rates translate to more expensive loans and credit for businesses and consumers. Still, there’s a silver lining: Savings account interest rates are the best in years, allowing savers to cash in.