Fed leaves rates unchanged: What it means for credit cards, mortgages, auto loans and savings accounts

The Federal Reserve left interest rates unchanged at its October meeting, even as rising energy costs threaten to keep inflation elevated and further strain already-tight household budgets. Higher energy prices stemming from the war with Iran may prove stickier than expected, but the central bank's decision to hold rates steady gives policymakers more time to assess the economic fallout. The dynamic could also lead Fed Chairman Kevin Warsh and the Federal Open Market Committee to consider raising rates at their December meeting in order to bring inflation down to the Fed's 2% target. For now, however, persistent inflation and higher borrowing costs are compounding affordability challenges for many households, economists say.