Interest rates will likely rise even more this year. Although the Federal Reserve started this month with a 0.25% interest rate hike, financial experts think rates will increase even more as the year progresses.

So while the current 4.5% to 4.75% target range is the highest the country has had since October 2007, Goldman Sachs and Bank of America expect three more interest rate hikes before the end of 2023. They expect interest rates to go as high as 5.25% to 5.5%.

DICEY INFLATION NEWS RAISES ODDS OF DRASTIC MOVE BY FED THAT COULD SPELL RECESSION

This is not good news for the stock market, which has been awful under President Joe Biden. It will likely slow economic activity but help curb America's paycheck-eating inflation. Therefore, if possible, people should capitalize on these interest rate hikes.

Certain investments benefit from high-interest rates. While rate hikes are bad news for the Dow Jones, S&P 500, and NASDAQ, people can profit from low-risk investments that will offer higher rewards thanks to high-interest rates.

This month, high-yield savings accounts offer average annual interest rates near or above 4%. Goldman Sachs, for example, offers a 3.75% interest rate, and people generally have access to their money when they want it. If the Federal Reserve hikes interest rates three more times, high-yield savings accounts and other options will have even better interest rates for consumers than they do now.

Certificates of deposit are another option for people who are not extremely wealthy. While CDs have a penalty for early withdrawal, many offer a better interest rate than high-yield savings accounts. It is not hard to find 12-month CDs offering interest rates between 4.5% to 5%. If the authorities hike interest rates three more times this year, CDs could be an effective hedge against inflation, even after taxes. After all, the current inflation rate is 6.4% and declining.

Some of these high-yield savings accounts and CDs have no minimum balance, meaning you do not have to be rich to make some extra money — or take a risk that the company you want to invest in goes bankrupt.

Additionally, people should consider bond investments. Typically, the stock market has a better return on investment than bonds. However, bonds should offer a decent return on investment this year.

For example, a six-month Treasury bond offered a pitiful 0.22% interest rate at the start of 2022. Given last year's brutal inflation, making that investment would have been crazy. However, that same bond currently has a 4.76% annual interest rate, according to Barron’s. Meanwhile, Series I bonds that offered a 1.06% annual interest rate for much of 2020 now offer a 6.89% rate. While that is down from the 9.62% rate offered for much of last year, it is still a solid return on investment.

Unfortunately, the country may face tough economic times this year and in 2024. As bad as that is, at least people can take some extremely low-risk investments and receive decent rewards.

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Tom Joyce (@TomJoyceSports) is a political reporter for the New Boston Post in Massachusetts.