The Fed opted not to raise rates despite elevated inflation but nine officials signaled support for at least one hike this year.
With inflation at double the Fed's 2% target, Americans face higher costs on everything from groceries to housing.
High-yield savings accounts now offer around 4% while mortgage rates hover near 6.5%, experts say.
AI-generated summary was reviewed by a CNN editor.
The Federal Reserve may have a new chairman in Kevin Warsh, but it still has to balance its old dual mandate: Lower rates to boost the economy when the labor market is struggling, or raise rates to cool economic activity when inflation is considered too high.
