Fed's Steady Rates Lock In Pain For Borrowers, Gains For Savers: Here's What To Know

Borrowing costs across the U.S. are set to remain elevated, as interest rates are expected to stay higher for longer. The Federal Reserve left its benchmark federal funds rate unchanged at 3.50%–3.75%, with Jerome Powell indicating policymakers are in no rush to begin cutting amid persistent inflation pressures. The decision extends a period of "higher-for-longer" policy. Here's what that means for consumers: borrow…