The Federal Reserve has decided to keep interest rates unchanged for the second consecutive month, but there is a possibility of a rate hike in December. The benchmark interest rate remains at its highest level in 22 years. The next interest rate decision will be made in December, and it is uncertain whether rates will be raised. The Fed uses interest rates to stimulate or slow down the economy. Rate hikes can have both positive and negative effects on consumers, as they lead to higher interest rates on debt but also higher savings rates. It is advised to pay off debt and take advantage of increasing savings rates.
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