Federal Reserve not expected to budge on interest rates yet as inflation holds its grip

Consumers will have to be patient as they wait for price increases to meaningfully slow down, economists say. With annual inflation rates stalling above its 2% target, the Federal Reserve was expected to keep its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade. Last month, the consumer price index came in at 3.5% on an annual basis, driven by rising housing costs and insurance rates, especially auto insurance. "We're just a mile a way from the finish line," said Mark...