The Fed meets eight times a year to assess the health of the US economy and vote on the federal funds rate, the rate banks use to lend and borrow money. While the Fed's decision to change rates doesn't directly affect savings rates, changes in APYs typically follow. The changes can take several weeks or even months to take effect.

Donald Trump said Sunday the Federal Reserve was right to keep interest rates unchanged, a new comment that comes as Fed watchers gauge the effect the president's new tariff plans will have on monetary policy.

The Federal Reserve’s decision to pause interest rate hikes at its latest meeting has important consumer implications. While inflation is coming down, it hasn’t yet reached the Fed’s target. The pause allows the Fed to observe how the economy responds to previous rate increases.