What does the Federal Reserve holding interest rates steady mean for your wallet?

The Federal Reserve is holding steady on interest rates for now, but a rate hike might be right around the corner. While the Fed kept rates in place at today's meeting, three committee members dissented, pushing instead to raise rates to fight persistent inflation. Competitive Enterprise Institute senior economist Ryan Young says elevated inflation now hovering above the Fed's target for over five years is forcing policymakers like Chairman Kevin Warsh to act.