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Trump wants to fire Fed Chair Jerome Powell. These experts say it could harm the economy and your money.
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The Federal Reserve and Your Money
Interest rates are a little lower than they used to be, but they’re still near the highest levels in over a decade. Here’s what it means for your wallet.
The latest on the Fed from Bankrate’s experts
“It is tempting to romanticize the idea of lower interest rates, particularly from a borrowing perspective. But the reason for lower interest rates is very important. We want interest rates to come down because inflation pressures are easing, not because the economy is weakening.”
Fed skips another interest rate cut, warns of ‘potential’ for stagflation
The Federal Reserve voted on Wednesday to keep interest rates steady for the third consecutive meeting even while acknowledging that unemployment could increase, a decision that signals officials are more concerned about inflation than the possibility of a recession.
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Recent interest rate trends
Every time the Federal Reserve adjusts interest rates, borrowing and savings rates move in lockstep. Compare Bankrate data to see how the latest Fed decision is impacting rates on key consumer products.
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