Reported 7 months ago
The Federal Reserve has decided to keep rates steady with an expectation of a single rate cut in December, impacting Americans amidst persistent inflation and high prices. While borrowing costs for homes and cars are expected to remain high, savers will benefit from higher returns on savings. If the Fed decides on two rate cuts later this year, mortgage rates and other loans could see some relief, but a severe recession would be needed to return rates to pre-pandemic lows. Yahoo Finance's Jennifer Schonberger provides more insights on this financial impact.
Source: YAHOO