Federal Reserve officials said they are leaving the central bank's benchmark interest rate unchanged, a decision widely expected by economists after recent inflation data showed that prices are still increasing at a faster pace than the Fed would like.Policymakers on Wednesday said that while inflation is coming down, it 'does not expect it will be appropriate' to cut rates until the bank is confident inflation is moving toward its 2% goal.
'Currently, cuts don't seem likely to happen until sometime in the second half of 2024,' noted LendingTree economist Jacob Channel in an email. 'Indeed, we may not see rates fall until the fall.'Fed interest rate 2024 and its impact on your moneyWith the Fed keeping rates unchanged, borrowing costs will remain high. That will impact everything from credit card rates to loans for auto purchases or real estates. The average APR on a new credit card is currently 24.
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