High interest rates could be the new reality for Americans

Cresset Capital CIO and founding partner Jack Ablin discusses higher interest rates and offers his market outlook on 'Barron's Roundtable.'

"Whether the Fed does or doesn’t raise rates further in the coming months, the high rates are here to stay for awhile," said Greg McBride, chief financial analyst at Bankrate.at a range of 5.25% to 5.5%, the highest level since 2001. But officials also opened the door to another quarter-point increase before the end of the year – and indicated they will hold rates at those elevated levels for an extended period of time.

"The forward guidance from the FOMC’s policy statement and its updated macro and interest rate forecasts indicates an ongoing hawkish policy stance and a higher-for-longer rate path," said Kathy Bostjancic, Nationwide chief economist. "The reason is that inflation remains elevated and should continue to retreat only gradually."

While the federal funds rate is not what consumers pay directly, it affects borrowing costs for home equity lines of credit, auto loans and

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