The Federal Reserve announced on Wednesday that it would maintain the federal funds rate within a target range of 3.5% to 3.75%, signaling no immediate changes to monetary policy.
This decision comes as current Chair Jerome Powell is expected to step down, with President Donald Trump's nominee, Kevin Warsh, poised to take over.
The central bank's decision to hold rates steady reflects a cautious approach amid ongoing economic uncertainties.
The decision has immediate effects on consumer credit and savings.
With rates unchanged, mortgage rates, auto loans, and credit card interest rates are likely to remain stable.
This stability could provide some relief to consumers who have been grappling with higher borrowing costs in recent months.