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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.
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Source cnbc.com
