"Americans Brace for the Era of High Interest Rates"

The Federal Reserve has indicated that high interest rates will be the new normal for Americans, signaling an end to the era of ultra-cheap money. While savers may benefit from higher rates, borrowers will face steeper debt payments on credit cards, mortgages, and student loans. The Fed voted to leave interest rates unchanged at their highest level since 2001 but opened the door to another increase before the end of the year. Economic projections suggest that the central bank will not cut rates until 2024, and officials anticipate lowering rates to 2.9% by 2026. The steady increase in rates over the past 18 months has already cost Americans hundreds, if not thousands, of dollars, impacting housing affordability and credit card debt.