The Federal Reserve announced another pause on interest rate hikes during its November meeting on Wednesday.
The Federal Reserve announced another pause on interest rate hikes during its November meeting on Wednesday, leaving the federal funds rate at a 22-year high of 5.25% to 5.5%. In a statement, the central bank reaffirmed its commitment to bring inflation to a 2% target rate, and it would continue to assess economic indicators to determine if additional rate hikes are warranted.
The Fed's pause on interest rate increases should mitigate the likelihood of additional increases in credit card interest rates. That's good news for credit card holders who carry a balance and may be using those credit lines to manage their monthly finances in this environment of higher prices, according to Charlie Wise, the senior vice president of research and consulting at TransUnion.
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