The Federal Reserve has decided to hold off on raising interest rates — for now. Instead of raising rates for the 11th time in 15 months, they’ve decided to skip a rate hike. However, many experts expect at least another rate increase before the year is through. This all could have an impact on your savings account rates.
Michele Raneri, vice president and head of U.S. research and consulting at TransUnion told Kiplinger, "This skip is a likely indicator that the Fed wants to give the previous hikes time to have an observable impact, specifically on inflation. It remains to be seen what happens in months to follow, but for June at least, borrowers could see somewhat of a stabilization of rates across a range of industries, in particular, mortgage and credit card."
