INDIANAPOLIS — The nation's central bank is keeping its interest rate the same.
That rate dictates how much it costs us to borrow money or how much it pays us to deposit money.
The Federal Reserve Board kept that rate the same Wednesday because they are closer to their goal of getting the inflation rate down to 2%.
But even though they're keeping the rate the same this time, borrowing rates are still at multi-decade highs. For us, that means the average credit card rate is approaching 21%. For new mortgages, rates are above 7%.
But it's not all bad news.
People with online savings accounts are seeing big rewards. Not only are you enjoying the best returns on savings accounts in more than 15 years, but you'll continue to benefit even as the Fed holds rates steady.
I looked at those savings accounts. They're paying around 4.5%.
If you have credit card debt, call and ask for a lower rate or consider a 0% balance transfer card.
As for whether there will be another rate hike, the Fed projected they will likely need to make one more adjustment by the end of the year.