Federal Reserve Halts Rate Hikes, but Two More Expected Later This Year.

The Federal Reserve has paused on raising interest rates for the first time in 15 months, providing some relief for consumers facing pricier mortgages, credit cards, and other loans after 10 consecutive rate hikes. Mortgage rates are likely to hold steady, but credit card rates may continue to rise as some banks incorporate recent Fed rate hikes into their fee schedules. Auto loan rates are unlikely to change, while yields on savings accounts and CDs are the highest they've been in a decade. The Fed may resume hiking rates later in the year, with policymakers forecasting two more rate hikes before the end of 2023.