Fed officials vote to hold interest rates steady at 23-year-high – here’s what it means for YOUR wallet
- The Federal Reserve votes to keep interest rates stable at current levels
- Rates are currently between 5.25 and 5.5 percent β ββthe highest in 23 years
- It is the sixth time in a row that the Fed has kept interest rates at the same level
The Federal Reserve has voted to keep interest rates steady at their current 23-year high, officials announced today.
The decision spells misery for households already struggling to bear the weight of rising interest rates on credit cards, mortgages and personal loans.
It is the sixth time in a row that the Fed has chosen to keep interest rates at current levels in its battle to curb inflation.
Annual inflation rose to 3.5 percent in March, still well above the Fed’s target of 2 percent.
In a policy statement released today, the organization said interest rates will not be cut until officials have “greater confidence that inflation is moving sustainably toward 2 percent.”
It also pointed to a ‘lack of further progress’ in lowering prices.
This is a current news item. Check back regularly for updates.
The Federal Reserve has voted to keep interest rates steady at their current 23-year high, officials announced today
The decision spells misery for households that are already struggling with record high interest rates on credit cards, mortgages and personal loans.