KEY POINTS
  • The Fed could begin to cut interest rates in 2024 after 18 months of hikes, experts say, so it's important to take advantage of financial products that benefit from high interest rates while you can.
  • "A lot of people are leaving free money on the sidewalk when they walk by," said Stacy Francis, a CFP and president and CEO of Francis Financial.
Shoppers walk with items during Black Friday deals at a Target store in Westbury, New York, U.S., November 24, 2023. 

After more than a year of dealing with rapid inflation, consumers have become numb to higher prices. But as inflation cools, experts say there are strategies that can help you weather current conditions and prepare for a shift in interest rates.

The October consumer price index increased 3.2% on an annual basis, according to the Bureau of Labor Statistics' monthly inflation report, down from a Covid-era peak of 9.1% in June 2022. The personal consumption expenditures price index — the Federal Reserve's preferred gauge — also shows signs of inflation cooling.