Federal Reserve holds rates steady. Here's what that means for your money.

Federal Reserve officials said they are leaving their benchmark rate untouched, a decision expected by economists and Wall Street after inflation ticked upward during the first three months of 2024. The Fed on Wednesday said it is keeping the federal funds rate in a range of 5.25% to 5.5%, the same level it has held since the central bank's July 2023 meeting, which is its highest level in more than 20 years.

Despite the Fed's flurry of interest rate hikes, inflation remains stubbornly high, with March prices rising 3.5% from a year earlier, fueled by higher housing and gasoline prices. 'The Fed has been saying that this could take some time and people shouldn't expect rates to plummet down to zero anytime soon,' noted Jacob Channel, senior economist at LendingTree. Nevertheless, he added, 'There is a good chance that we'll get cuts sometime later in the year.

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