The News10NBC Team details breaking News, Traffic and Weather.<\/p>\n
ROCHESTER, N.Y. \u2013 The Federal Reserve is set to announce its decision on interest rates tomorrow, which could impact borrowing costs. Despite President Donald Trump\u2019s calls for a significant rate cut, 96% of economists polled believe the Fed will not lower rates.<\/p>\n
President Trump has criticized Fed Chair Jerome Powell, calling him a \u201cnumbskull\u201d and \u201cmoron.\u201d However, Powell remains firm in his position.<\/p>\n
\u201cIf I want him out, he\u2019ll be out real fast, believe me,\u201d Trump said.<\/p>\n
Greg McBride, chief financial analyst at Bankrate.com, shared his insights on the situation.<\/p>\n
\u201cWe\u2019re not going to see an interest rate cut at this point,\u201d McBride said. \u201cThere\u2019s really nothing in the economy that\u2019s screaming for a rate cut right now. Unemployment\u2019s low at 4.1 percent. Inflation still higher than desired. Closer to 3% than the goal of 2%.\u201d<\/p>\n
The Fed initially raised rates to address inflation, which spiked to 9% in the summer of 2022. Powell also mentioned that tariffs could temporarily increase inflation.<\/p>\n
\u201cTariffs are likely to generate at least a temporary rise in inflation,\u201d Powell said.<\/p>\n
Consumers are feeling the uncertainty and some have started to save more.<\/p>\n
\u201cMy wife already has actually started to penny pinch and not overbuy,\u201d one consumer said.<\/p>\n
McBride offered advice for consumers during this time.<\/p>\n
\u201cIt\u2019s a good time to be a saver, not a good time to be a borrower. Lean into that,\u201d McBride said.<\/p>\n
He recommended paying down debt and boosting savings to prepare for any economic changes.<\/p>\n
When interest rates are high, you\u2019re likely to see higher rates on high-yield savings accounts. News10 NBC explained the advantages of putting your savings in a high yield account as opposed to a regular savings account.<\/p>\n
For more information on high-yield savings accounts, visit the Consumer Alert section of News10NBC\u2019s Deanna Dewberry explained the advantages of saving your money in a high yield savings account in January. Click here<\/a> for more information and account recommendations.<\/p>\n AI assisted with the formatting of this story. Click here<\/a> to see how WHEC News10NBC uses AI.<\/p>\n \t\t\t\t\t\t\t\tFor Related Stories:\u00a0interest rates<\/a>\u00a0\u00a0jerome powell<\/a>\u00a0\u00a0Trump calls for rate cuts<\/a>\u00a0\u00a0consumer alert<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The News10NBC Team details breaking News, Traffic and Weather. ROCHESTER, N.Y. \u2013 The Federal Reserve is set to…\n","protected":false},"author":2,"featured_media":46526,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-46525","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/46525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=46525"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/46525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/46526"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=46525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=46525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=46525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}