The bond market determines the interest rate that Treasury debt has to pay on its paper. The current 10 yr Treasury yield is 1.56%
The only rate that the Fed can set is the Discount Rate, the rate commercial banks have to pay to borrow money directly from the Fed. The current discount rate is 2.75%, at the lower end of the sweet spot that the Fed likes it in.
My only point with treasury bonds is that it is the safest place to park your money until election day 2020. As you are well aware, bond value is unlikely to deteriorate if interest rate does not go UP. CD’s are of course safer but rates are lower than T-bonds.
Looking back, I lucked out by buying a whole bunch of E-bonds starting way back in 1991. They are all paying 4% currently, tax deferred! Only reason I was buying them is to place surplus cash in something tax deferred.