As widely expected, the Federal Reserve opted to leave its target for the federal funds rate unchanged at 5.25%, the same level it has remained at for close to one year. The accompanying statement from the central bank provided a more favorable view of consumer prices, saying core inflation has “improved modestly” over recent months.
While weakness in the housing market appears unlikely to dampen economic growth, high energy and commodity prices remain a concern. The Fed continued to note the potential for inflationary pressures, causing doubt among analysts regarding the possibility of a rate cut in the near future.
Should the central bank eventually respond to inflationary threats by tightening monetary policy, credit card APRs would likely be boosted, as well.
The CreditCards.com credit card rate survey is conducted each week using data from the leading credit card issuers in the United States.
Introductory offer periods and actual regular interest rates can vary depending on individual applicants’ credit quality and issuer risk-based pricing policies.
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