CNN —
Americans hamstrung by high borrowing costs on car loans, mortgages and credit cards shouldn’t expect much of a break this year.
That’s because some Federal Reserve officials are reconsidering forecasts they made three months ago that called for three rate cuts this year.
Currently, the Fed’s target interest rate is between 5.25% and 5.5%, a 23-year high. Four of the 19 officials on the rate-setting committee now see rates staying above 5% this year, implying one or no rate cuts, according to new economic projections from last week’s meeting. Meanwhile, in December, three
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