WASHINGTON, D.C. — The Federal Reserve is expected to leave its benchmark interest rate unchanged at its next several meetings, according to the CME Group's FedWatch tool, with five Fed meetings remaining this year. Certificate of deposit rates are likely to remain flat or decline only gradually as a result.

Certificate of deposit products allow savers to lock in current interest rates for periods of months or years at a time. Interest rates on these products can vary widely by institution, and many carry a penalty for withdrawing funds before maturity.

"Because the Fed funds rate is projected to remain the same for the next few months, I expect CD rates to remain relatively flat over that period." said Leah Evans, director of product management at Georgia's Own Credit Union. Cassandra Hutchinson, marketing director at CDValet.com, offered a similar near-term outlook while pointing to a slight downward drift. "CD rates will likely continue to edge downward over the next month or two, but at a noticeably slower pace." Hutchinson said.

A sharper decline would require a change in the broader economic picture, Hutchinson said. "For CD rates to fall significantly in the near term, there would need to be a clear shift in macro conditions, such as a notable drop in inflation, more definitive signs of slowing economic growth, or easing geopolitical pressures."

Amanda Erebia, director of retail banking at Amegy Bank, said the current pause likely marks the high point of the current cycle. "While the Federal Reserve has paused rate adjustments for now, the broader expectation is that we are at or near the peak of the rate cycle," she said.

Savers weighing where to place funds also have alternatives to certificates of deposit. High-yield savings accounts allow access to funds when needed, without the withdrawal restrictions associated with CDs.