On Wednesday, officials at the Federal Reserve in charge of the nation’s monetary policy increased their estimate for how long they’ll squeeze inflation-and the economy-by keeping the central bank’s benchmark interest rate high. If you’re waiting for interest rates on mortgages, car loans, credit cards, and other kinds of credit to fall significantly, don’t hold your breath. If the forecast comes true, savers would benefit from continued high returns on certificates of deposit and high-yield savings accounts.The Fed now expects to keep interest rates over 5% through 2024, meaning rates for mortgages, personal loans, and credit cards will stay near their current high levels.Federal Reserve officials in charge of setting the central bank's benchmark interest rate increased their predictions for how long they'll have to squeeze the economy with high interest rates to subdue inflation.
