Cash investors may be at 'the top of the mountain' with Fed pause. Here's when 5% CDs and money market funds could finally end.

The Federal Reserve just held off on another interest-rate hike, and the race is on for people trying to get the tip-top yields on their cash.

In recent decades, the first Fed rate cut has typically occurred around seven months after a pause, he said. “But this is not a typical cycle” of tightening and loosening rates, Alemán quickly added. Nearly four in 10 people said they have more cash in their portfolio since interest rates started increasing, according to an American Association of Individual Investors poll of its members last month. The shift to cash was the most cited asset allocation change, the survey showed.

Banks will reduce their deposit rates as soon as they are convinced for sure that the Fed is through with rate increases, Tumin said. They may even reduce their deposit rates before the first cut, he noted. Does September’s pause predict a cut? Not necessarily. Though the Fed is sticking at its current benchmark rate, one big plot line Wednesday was its estimations for where interest rates go next.

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Fed meeting: Dollar climbs, stocks retreat as Fed delivers 'hawkish pause'Follow along to MarketWatch's full coverage of the Federal Reserve interest-rate decision, dot plot, and Jerome Powell press conference.
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Stocks gain, US yields fall before likely Fed pause By ReutersStocks gain, US yields fall before likely Fed pause
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