Real Estate

What the Federal Reserve’s rate-hike pause means for your money


Wealth concentrating more and more at upper-income levels, says Bankrate’s Ted Rossman

After more than a year of steady rate hikes, the Federal Reserve held its target federal funds rate steady Wednesday.

For households, however, that offers little relief from record-high borrowing costs.

“It’s not like rates will go down,” said Tomas Philipson, University of Chicago economist and a former chair of the White House Council of Economic Advisers.

In fact, borrowing costs are likely to climb higher in the second half of the year: Fed officials projected another two quarter percentage point moves are on the way before the end of 2023.

More from Personal Finance:
Even as inflation rate subsides, prices may stay higher
Here’s the inflation breakdown for May 2023, in one chart
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