Your Money Matters: No Change For Interest Rates As Inflation Moves Toward Goal

The Federal Reserve is holding interest rates where they are, so what does that mean for you?

For months, Federal Reserve Chair Jerome Powell has targeted a 2 percent number for inflation, before he will lower interest rates. We're at 3 percent right now.

The time for a rate cut "is approaching, and if we do get the data we hope we get, then reduction of our policy rate could be on the table at our September meeting," said Powell.

Remember if you are a saver, high interest rates can work for you. Putting your money in Money Markets or CDs can get you a 5 percent or more return on your money.