The Federal Reserve is anticipated to keep interest rates unchanged at its January 29th meeting. This decision comes despite President Trump's call for immediate rate reductions. The Fed has been raising rates to combat inflation, which remains above its 2% target. Experts warn that consumers should not expect immediate relief from high borrowing costs.
The Fed eral Reserve is likely to hold interest rates steady on Jan. 29 at the end of its two-day meeting.
Once the Fed funds rate eventually comes down, consumers may see their borrowing costs decrease across various loans such as mortgages, car loans and credit cards, making it cheaper to borrow money.Card issuers are often slower to respond to Fed rate decreases than to increases, said Greg McBride, Bankrate's chief financial analyst.Because 15- and 30-year mortgage rates are fixed and mostly tied to Treasury yields and the economy, they are not falling in step with Fed policy.
FED INTEREST RATES INFLATION ECONOMY CONSUMER BORROWING
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