Posted 2/1/2024, 6:04:37 PM
Fed Holds Rates Steady But Cuts Expected Later To Ease Debt Burden As U.S. Consumer Credit Card Debt Tops $1 Trillion
- Fed holds steady on rates but outlook unclear on when cuts will come
- Economy is steady for now with solid GDP growth and consumer spending
- Fed needs to cut rates for mortgage rates to drop meaningfully
- Possible Fed rate cuts later this year would help those with high interest debt
- Americans now owe over $1 trillion in credit card debt after recent spikes