"Understanding the Federal Reserve's Impact on Your Money and Interest Rates"

Economists expect the Federal Reserve to keep interest rates unchanged for now, despite anticipation of future rate cuts. The Fed's cautious approach aims to balance the risk of inflation and economic growth. Consumer borrowing costs remain high, with credit card rates at an all-time high and mortgage rates around 7%. While the Fed may eventually cut rates, the pace will be slow, and rates are expected to remain elevated. Savings rates have increased, offering a rare win for those building emergency funds, but there's no incentive to wait for better rates.