The Fed just hit the brakes again. No rate cuts. No policy pivot. Minutes from their Jan. 28-29 meeting reveal they’re sticking to the 4.25% to 4.50% federal funds rate. Why? Inflation’s still hanging around.

The central bank’s decision to pause at its first meeting of 2025 followed a series of cuts that began in September to account for progress already made on getting inflation down. Over the course of three meetings, the Fed lowered rates by a full percentage point to a range of 4.25 percent to 4.5 percent, which was maintained on Wednesday.

The Federal paused rate cuts after its first meeting of the year — here’s what that means for your credit card, mortgage rate, auto loan and savings account.