Consumers with variable rate credit cards will likely see a slight uptick in the next 30-60 days, about $5 for every $2,000 of debt, Lebda added.
“And consumers with home equity lines of credit, or HELOCs, will most likely see a small uptick in their next billing cycle,” he said.
According to the Fed, job gains have moderated but have been solid, on average, since the beginning of the year, and the unemployment rate has declined.
Household spending has picked up in recent months, and business fixed investment has continued to expand.
“On a 12-month basis, inflation has declined recently and, like the measure excluding food and energy prices, is running somewhat below 2 percent,” according to the Fed’s post-meeting statement. “Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.”
In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation.