The Fed on Wednesday said it is keeping the federal funds rate in a range of 5.25% to 5.5%, the same level it has held since the central bank's July 2023 meeting, which is its highest level in more than 20 years. Economists had largely expected the decision given that inflation had ticked upward in the first three months of 2024.

The Federal Reserve held rates steady at the end of its two-day meeting Wednesday, delaying the start of rate cuts and any relief from sky-high borrowing costs. For consumers, it generally won't get less expensive to carry credit card debt,