The Fed, helmed by Chair Jerome Powell, is expected to hold rates steady this month despite pressure from President Donald Trump to make cuts.

This month, it decided to keep the benchmark rate at the same range of 4.25% to 4.50%. When interest rates are high, like they are now, the banks have to pay more to borrow money, and so do you, for loans, mortgages, credit cards and more. At the same time, some banks offer better returns for the money and deposits you keep in their institutions.

Fed officials are widely expected to keep interest rates unchanged today in a range of 4.25% to 4.50%. That’ll be the fourth straight hold for the US central bank, following a full percentage point of cuts delivered in the final months of 2024.