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At the beginning of 2026, the biggest question surrounding theFederal Reserveand interest rates was whether the Fed would cut its target rate at some point this year.
However, it's become increasingly clear that a rate cut won't happen any time soon.
In fact, it's possible that the Fed mayincreaseits benchmark rate before the year is over.
Following theFederal Open Market Committee(FOMC)'s most recent meeting in July, under the leadership ofnew Fed Chair Kevin Warsh, the committee announced its decision to maintain the target range for the federal funds rate at 3.50%-3.75%.
In its statement, the committee noted that "inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.
The Committee will deliver price stability." The Fed has not cut rates since late 2025, yet interest rates on consumer loans and bank accounts steadily decreased throughout 2026 — at least, until recently.
Recent rate increases are a sign that the market is already pricing in a rate hike.
And with a few moreFed meetingson the calendar for the remainder of 2026, consumers are wondering how potential rate changes could impact their bottom lines.
Here's what the experts have to say, and what you should do to prepare in the meantime.
Read more:How a Fed rate cut affects your bank accounts, loans, credit cards, and investments Thefederal funds rateis the interest rate at which depository institutions charge each other for ultra-short-term loans, usually overnight.
It's expressed as a range, and financial institutions negotiate a specific rate within that range.
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| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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