Fed's Steady Rates Lock In Pain For Borrowers, Gains For Savers: Here's What To Know

Borrowing costs across the U.S. are set to remain elevated, as interest rates are expected to stay higher for longer.
The Federal Reserve left its benchmark federal funds rate unchanged at 3.50%–3.75%, with Jerome Powell indicating policymakers are in no rush to begin cutting amid persistent inflation pressures.
The decision extends a period of "higher-for-longer" policy. Here's what that means for consumers: borrowing costs remain elevated, while savings rates continue to offer relatively strong returns.
Credit Cards
Most credit cards carry variable rates that closely track the Fed's benchmark. The average annual percentage rate remains just below 20%, according to data from Bankrate.
With no rate cuts on the horizon, borrowing costs on revolving credit are likely to stay elevated, making