Fed holds interest rates steady: Here’s what that means for credit cards, savings rates, mortgages and car loans

The Federal Reserve held interest rates steady Wednesday, concluding the first meeting helmed by new Fed Chairman Kevin Warsh. The decision offered little relief for consumers struggling to keep up with higher gas prices and overall affordability challenges.

Although Donald Trump’s pick to lead the central bank had previously indicated he may be in favor of lower rates, inflation rose at its fastest pace in three years last month and the jump in energy costs could have longer-term inflationary effects, economists say. That likely contributed to the decision to leave rates unchanged, experts say, and may prompt the central bank to consider raising borrowing costs instead — contrary to what Trump wants. LEARN MORE...