The Fed is set to hit the pause button on rate cuts, for now. Here's the impact on your money.

Borrowers hoping for more financial relief from the Federal Reserve may have a wait on their hands, as the central bank is expected to hit the pause button on additional rate cuts at its Jan. 29 meeting. 

The Fed is expected to hold its benchmark rate steady on Wednesday at its current range between 4.25% to 4.5%, according to more than 9 in 10 economists polled by financial data site FactSet. Most economists also predict the Fed will hold off on cutting at its March 19 meeting, which means the next rate cut might not occur until the central bank's May 7 meeting, FactSet data shows. 

A January pause would mark an end, at least temporarily, to the Fed's flurry of rate cuts that started in September 2024 which have pushed down the federal funds rate by one percentage point. That's helped trim borrowing costs for credit cards, home equity lines of credit and other debt, providing some respite to inflation-pinched consumers and businesses.