The Federal Reserve decided to keep interest rates the same for just the second time since beginning its current hiking cycle aimed at curbing inflation last year, but projected that rates will remain higher over the next two years than previously expected, providing some unwelcome news for investors hoping for rates to come down sooner rather than later. After 11 rate hikes in 16 months, the U.S.’s central bank appears willing to let interest rates simmer for a while but not rule out further increases in the month ahead.

It is well-known that the Fed controls only one primary interest rate – the federal funds rate, which is the short-term rate banks use to borrow from each other. Fed interest rate decisions filter through the financial world, impacting virtually every facet of borrowing costs and saving rates.

Last September's national average monthly interest rate was 0.18%. One year later, it's 0.65%. In a decimal world, that's a pretty big gap, especially, given the fact that's an average. Imagine forwarding excess cash to an above-average money market account.

From now, bank account holders would need to tirelessly look for high-yield money market accounts. As the Federal Reserve pushes interest rates higher, high-yield money market accounts will move even higher too.