Fed Meeting: Interest Rates Unchanged, Inflation Cools, and Powell's Expectations Adjusted

The Federal Reserve is expected to keep interest rates unchanged at its final meeting of the year, signaling a possible end to the nearly two-year streak of rate hikes as inflation cools. While the high rates have allowed consumers to earn good interest on their savings, many are not taking advantage of this opportunity. The rising inflation and higher interest rates have made it costlier for consumers to borrow, leading more Americans to seek higher credit card limits. Additionally, the number of Americans working multiple jobs has reached its highest peak since before the pandemic, possibly due to financial pressure caused by high inflation. The Fed's decision and Chair Jerome Powell's remarks will provide insight into whether interest rates will be cut in 2024.