The Federal Reserve is expected to maintain interest rates at its upcoming meeting, despite President Trump's push for immediate reductions. The Fed raised rates aggressively between 2022 and 2023 to combat inflation, but experts say significant decreases are unlikely in the near future. While the Fed's decision doesn't directly impact all consumer borrowing costs, it influences overall interest rate trends.
The Federal 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.
FEDERAL RESERVE INTEREST RATES INFLATION ECONOMY TRUMP
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