Fed leaves rates unchanged. But here are changes you can make to earn more on savings or pay less on debt

The Federal Reserve on Wednesday decided yet again to stand pat on interest rates. Despite the Fed’s inaction, there are still opportunities to maximize the interest you earn on your savings or reduce what you pay on your debts.

The Federal Reserve on Wednesday decided yet again to stand pat on interest rates. Despite the Fed’s inaction, there are still opportunities to maximize the interest you earn on your savings or reduce what you pay on your debts. Given the Trump administration’s whipsaw tariff policies and its smiting of the United States’ closest allies, many analysts have now reduced their US growth forecasts. So did the Fed, noting in its policy statement Wednesday that it expects weaker growth and higher inflation than previously assumed. However, it also noted “high uncertainty” surrounding the effects of the White House’s actions on the economy. It is continuing to pencil in the likelihood of making two quarter-point cuts this year. “While the idea of interest rates coming down is appealing to many consumers and businesses, the reason for lower interest rates is very important. We want interest rates to decline because inflation declines, not because of economic weakness,” said Greg McBride, chief financial analyst at Bankrate, in an email. “So be careful what you wish for.” Either way, you can take steps now to protect your bottom line in the current rate environment. Even though interest rates have been coming down slowly in recent months, you can still get inflation-beating returns for your cash savings, in very easy, low-risk ways. Online high-yield savings accounts: You will earn virtually nothing on your cash for upcoming expenses and emergencies if you park that money in traditional brick-and-mortar bank savings accounts. The average interest rate on those is just 0.6%, according to Bankrate.