At the end of its two-day meeting Wednesday, the Fed said it would skip a rate hike in June.
At the same time, borrowers are paying more on credit cards, student loans and other types ofWage growth hasn't been able to keep pace with higher prices for many Americans. As a result, most"They are getting hammered," he added.
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., June 14, 2022.The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that's not the rate consumers pay, the Fed's moves still affect the borrowing and savings rates they see every day. The Fed's current benchmark rate is at its highest since August 2007.
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