(AURN News) — Interest rates will not change, and it could mean you will continue to pay more.
The Federal Reserve voted 9-3 Wednesday to hold its benchmark interest rate between 3.5% and 3.75%. The Fed’s target on inflation is 2%, but inflation has remained above that mark for several years now.
The three Federal Open Market Committee members who voted no did so out of concern that rates were not being raised enough to address inflation.
“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East,” the Fed said in a brief statement.
“Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little,” it continued.
What remains to be seen is just how that expanded economic activity is benefiting poor and working-class Americans who continue to deal with high gas prices, higher food prices and even higher rent costs.
Click play to listen to the AURN News report from Jamie Jackson:
