The Federal Reserve leaves rates unchanged. Here’s how it impacts your money
PUBLISHED WED, SEP 20 20232:00 PM EDT
By: Jessica Dickler
WATCH NOWVIDEO04:32Even if the Fed holds rates steady in September, policy will stay restrictive
The Federal Reserve left its target federal funds rate unchanged Wednesday, but did not signal an end to its aggressive rate hike campaign.
For households, that offers little relief from sky-high borrowing costs.
Altogether, Fed officials have raised rates 11 times in a year and a half, pushing the key interest rate to a target range of 5.25% to 5.5%, the highest level in more than 22 years.
“I’m worried for the consumer,” said Tomas Philipson, University of Chicago economist and a former chair of the White House Council of Economic Advisers. “People are hit on both fronts — lower real wages and higher rates.”
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