Federal Reserve policymakers announced that they were holding the federal funds rate steady after the Federal Open Market Committee (FOMC) meeting on Wednesday. The target range remains unchanged at 4.25% to 4.5%.

The last time the FOMC cut rates was at its December meeting, when it lowered the target range by 25 basis points, or 0.25%.

The federal funds rate is the borrowing rate that banks charge each other for loans. A lower rate ripples out to lower borrowing costs on credit cards and personal loans, though banks individually choose how to respond to rate changes. The average credit card interest rate is currently around 21%, while

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