Fed Pauses Interest Rate Hikes But Warns More May Come If Needed
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The Federal Reserve announced a pause on interest rate hikes during its November meeting, leaving rates unchanged at a 22-year high.
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The Fed cited progress on slowing inflation but said additional rate hikes may still happen if economic indicators warrant it.
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30-year mortgage rates are still near 8% even with the Fed's pause on hikes, putting pressure on the housing market.
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The pause on hikes could provide relief for credit card holders, mitigating further increases in already high interest rates.
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The Fed is closely monitoring jobs reports and inflation data to determine if more tightening is needed to cool the economy and lower inflation.
