The Federal Reserve on Wednesday decided yet again to stand pat on interest rates. Despite the Fed’s inaction, there are still opportunities to maximize the interest you earn on your savings or reduce what you pay on your debts.

It forecasts growth falling to just 1.7% in 2025, down from 2.8% last year, and 1.8% in 2026. Policymakers also expect inflation will pick up slightly, to 2.7% by the end of this year from its current level of 2.

New revelations from the Federal Reserve are deepening concerns about the economy and higher prices. Fed Chair Jerome Powell acknowledged the ongoing tariffs from the Trump Administration have started to push up inflation and will likely slow down the central bank's efforts to bring costs back down this year.