The Fed indicated rates will remain higher for longer. What does that mean for you?
The Federal Reserve’s decision Wednesday to keep its benchmark rate at a two-decade high should have ripple effects across the economy
By Cora Lewis
Published - May 02, 2024, 04:36 PM ET
Last Updated - May 27, 2024, 01:04 AM EDT
NEW YORK (AP) — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target.
The central bank kept its key rate at a two-decade high of roughly 5.3%, where it has been since last August.
Here's what to know:
