Fed Holds Rates Steady as Three Officials Push for Hike

The Federal Reserve held interest rates steady on Wednesday, despite three officials pushing for a hike. The decision keeps borrowing costs elevated for mortgages, car loans, and credit cards heading into the fall.

Net interest on the national debt has already topped $827 billion this fiscal year, according to the Treasury Department. That works out to about $5,080 per individual income tax return, based on the 162.8 million returns the IRS processed in fiscal 2025.

The Federal Open Market Committee voted 9-3 to keep its benchmark rate in a range of 3.5% to 3.75%. In a statement, the committee said inflation 'remains elevated' and pledged to 'deliver price stability.'