"Interest rates took the elevator going up; they're going to take the stairs coming down," McBride said.
As the Fed goes into its first Federal Open Market Committee meeting of 2024, here's what that elevator ride up has looked like over the last 12 months in five major consumer categories: credit cards, savings accounts, certificates of deposit, auto loans and mortgages.
Credit cardsNowhere has that express rate elevator been more obvious than with credit cards.
Even as the Fed slowed the pace of increases over the last 12 months, the average APR for credit cards rose more than a full percentage point.
He cautions, however, that buying a car is still a major expense, regardless of what interest rates are.
Persons:
Greg McBride, McBride, they've, " McBride, They've, you've
Organizations:
U.S . Federal Reserve, Federal Reserve, Finance
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U.S