The Federal Reserve is expected to keep its key rate steady on Wednesday, after a series of cuts that lowered rates by a full percentage point last year.

That means consumers looking to borrow are likely to have to wait a bit longer for better deals on many loans, but savers will benefit from steadier yields on savings accounts.

The central bank is waiting for more clarity on the economic outlook and the impact of President Trump’s policies on tariffs, immigration, and widespread federal job cuts. Mr. Trump has publicly attacked Fed Chair Jerome H. Powell and his colleagues for keeping borrowing costs too high.

The Fed’s benchmark rate is set at a range of 4.25 to 4.5 percent. In an effort to tamp down inflation, the central bank began lifting rates rapidly — from near zero to above 5 percent — between March 2022 and July 2023. Prices have cooled considerably since then, and the Fed pivoted to rate cuts, lowering rates in September, November and December.

Mr. Trump’s inflation-stoking polices could prompt the Fed to delay more rate cuts. But at the same time, longer-term interest rates set by the markets have been extremely volatile, influencing a wide range of consumer and business borrowing costs.

Auto Rates

What’s happening now: Auto rates have been trending higher and car prices remain elevated, making affordability a challenge. And that is before U.S. tariffs threaten to push prices up even more.

Car loans tend to track with the yield on the five-year Treasury note, which is influenced by the Fed’s key rate. But other factors determine how much borrowers actually pay, including your credit history, the type of vehicle, the loan term and the down payment. Lenders also take into consideration the levels of borrowers becoming delinquent on auto loans. As those move higher, so do rates, which makes qualifying for a loan more difficult, particularly for those with lower credit scores.

The average rate on new car loans was 7.2 percent in March, according to Edmunds, a car shopping website, unchanged from February and March 2024. Rates for used cars were higher: The average loan carried an 11.5 percent rate in March, compared with 11.3 percent in February and 11.9 percent in March 2024.

Where and how to shop: Once you establish your budget, get preapproved for a car loan through a credit union or bank (Capital One and Ally are two of the largest auto lenders) so you have a point of reference to compare financing available through the dealership, if you decide to go that route. Always negotiate on the price of the car (including all fees), not the monthly payments, which can obscure the loan terms and what you’ll be paying in total over the life of the loan.

Credit Cards

What’s happening now: The interest rates you pay on any balances that you carry had edged slightly lower after the most recent Fed cuts, but the decreases have slowed, experts said. Last week, the average interest rate on credit cards was 20.09 percent, according to Bankrate.

Much depends, however, on your credit score and the type of card. Rewards cards, for instance, often charge higher-than-average interest rates.

Where and how to shop: Last year, the Consumer Financial Protection Bureau sent up a flare to let people know that the 25 biggest credit-card issuers had rates that were eight to 10 percentage points higher than smaller banks or credit unions. For the average cardholder, that can add up to $400 to $500 more in interest a year.

Consider seeking out a smaller bank or credit union that might offer you a better deal. Many credit unions require you to work or live someplace particular to qualify for membership, but some bigger credit unions may have looser rules.

Before you make a move, call your current card issuer and ask them to match the best interest rate you’ve found in the marketplace that you’ve already qualified for. And if you do transfer your balance, keep a close eye on fees and what your interest rate would jump to once the introductory period expires.

Mortgages

What’s happening now: Mortgage rates have been volatile. Rates peaked at about 7.8 percent late last year and had fallen as low as 6.08 percent in late September. Solid economic data and concerns about Mr. Trump’s potentially inflationary agenda pushed rates a bit higher again, though they’ve steadied in recent weeks.

Rates on 30-year fixed-rate mortgages don’t move in tandem with the Fed’s benchmark, but instead generally track with the yield on 10-year Treasury bonds, which are influenced by a variety of factors, including expectations about inflation, the Fed’s actions and how investors react.

The average rate on a 30-year fixed-rate mortgage was 6.76 percent as of May 1, down from 6.81 percent the previous week and 7.22 percent a year ago.

Other home loans are more closely tethered to the central bank’s decisions. Home-equity lines of credit and adjustable-rate mortgages — which carry variable interest rates — generally adjust within two billing cycles after a change in the Fed’s rates.

Where and how to shop: Prospective home buyers would be wise to get several mortgage rate quotes — on the same day, since rates fluctuate — from a selection of mortgage brokers, banks and credit unions.

That should include: the rate you’ll pay; any discount points, which are optional fees buyers can pay to “buy down” their interest rate; and other items like lender-related fees. Look to the “annual percentage rate,” which usually includes these items, to get an apples-to-apples comparison of your total costs across different loans. Just be sure to ask what’s included in the A.P.R.

Savings Accounts and C.D.s

What’s happening now: Everything from online savings accounts and certificates of deposit to money market funds tend to move in line with the Fed’s policy.

Savers are no longer benefiting from the juiciest yields, but you can still find returns at online banks of 4 percent or more. “The Fed taking its foot off the gas with rate cuts means that these yields are likely to stay high for a while, but it won’t last forever,” said Matt Schulz, chief consumer finance analyst at LendingTree, the online loan marketplace.

Traditional commercial banks’ yields, meanwhile, have remained anemic throughout this period of higher rates. The national average savings account rate was recently 0.61 percent, according to Bankrate.

Where and how to shop: Rates are one consideration, but you’ll also want to look at providers’ history, minimum deposit requirements and any fees (high-yield savings accounts don’t usually charge fees, but other products, like money market funds, do). DepositAccounts.com, part of LendingTree, tracks rates across thousands of institutions and is a good place to start comparing providers.

Check out our colleague Jeff Sommer’s columns for more insight into money-market funds. The yield on the Crane 100 Money Fund Index, which tracks the largest money-market funds, was 4.14 percent as of Tuesday, down from 5.15 percent in February 2024.

Student Loans

What’s happening now: There are two main types of student loans. Most people turn to federal loans first. Their interest rates are fixed for the life of the loan, they’re far easier for teenagers to get and their repayment terms are more generous.

Current rates are 6.53 percent for undergraduates, 8.08 percent for unsubsidized graduate student loans and 9.08 percent for the PLUS loans that both parents and graduate students use. Rates reset on July 1 each year and follow a formula based on the 10-year Treasury bond auction in May.

Private student loans are a bit of a wild card. Undergraduates often need a co-signer, rates can be fixed or variable and much depends on your credit score.

Where and how to shop: Many banks and credit unions want nothing to do with student loans, so you’ll want to shop around extensively, including with lenders that specialize in private student loans.

You’ll often see online ads and websites offering interest rates from each lender that can range by 15 percentage points or so. As a result, you’ll need to give up a fair bit of information before getting an actual price quote.

The Senate voted on Tuesday to confirm Frank Bisignano as commissioner of the Social Security Administration, which has been thrown into turmoil after a three-month stretch steered largely by Elon Musk’s unofficial Department of Government Efficiency.

President Trump’s nominee was confirmed by a vote of 53 to 47, which had been expected and was split along party lines.

Mr. Bisignano, a former Wall Street executive, will take the helm at a critical juncture. A series of recent changes led by DOGE, including deep job cuts and a move to manipulate sensitive databases, have rattled current and former employees, former commissioners of both parties, beneficiaries and their advocates. They have been alarmed by the fast and seemingly haphazard shifts, as well as the departure from established protocols that protect beneficiaries’ privacy and ensure they continue to receive payments.

The question is whether Mr. Bisignano, 65, the former chief of the payments giant Fiserv, will steady the agency, which delivers retirement, disability and survivor payments to 73 million Americans every month.

Senator Mike Crapo, a Republican from Idaho who leads the Finance Committee, urged his colleagues last week to vote in favor of Mr. Bisignano, emphasizing his decades of experience leading large financial institutions and noting his commitment to improving customer service at the agency.

But Democratic lawmakers remained unconvinced, and they continued to raise many of the same concerns they grilled Mr. Bisignano about during his three-hour Senate confirmation hearing in late March: Would he give in to calls by DOGE that could further hobble the program, or will he act independently in the best interest of the agency and its beneficiaries?

Senator Elizabeth Warren, the Massachusetts Democrat, spoke against his confirmation on Monday, expressing concerns that Mr. Bisignano would simply “rubber-stamp” Mr. Trump’s and Mr. Musk’s agenda. “He’ll let them keep slashing services and threatening benefits,” she said from the Senate floor. “That will hurt people everywhere — from seniors who count on their monthly checks right now, to the parents of kids with a disability supported by Social Security, to every American paying into the program now for later down the line.”

Mr. Bisignano, who is viewed as a turnaround expert, has held positions at several of Wall Street’s marquee firms, including Morgan Stanley, Citigroup and JPMorgan Chase. He earned $100 million in 2017, more than 2,000 times the average employee’s salary at his firm at the time, First Data Corporation, which later merged with Fiserv.

Despite calling himself “fundamentally a DOGE person” in a February interview on CNBC, Mr. Bisignano appeared to distance himself from the recent changes at the Social Security Administration during his March nomination hearing.

That characterization was challenged at the hearing by Senator Ron Wyden, Democrat of Oregon, who produced a statement that he said was from a whistle-blower. Mr. Wyden, citing the letter, said that Mr. Bisignano had personally intervened to get key DOGE officials involved at the agency, including one who was approved in the middle of the night. Senate Republicans quickly dismissed those concerns, stating he addressed the allegations during the hearing and in writing.

“He has stated that he does not currently have a role at the S.S.A. and was not part of the decision-making process led by the acting commissioner, Lee Dudek, about S.S.A. operations, personnel or management,” Senator Crapo said in a statement.

For Mr. Dudek, the appointment caps a chaotic run, which began when Mr. Musk’s DOGE team arrived at the agency.

A former fraud adviser in middle management for the Social Security Administration, Mr. Dudek had an unlikely rise to the role of acting commissioner, overseeing an agency of roughly 57,0000 thousand employees. Mr. Dudek was given the position when Michelle King, the previous acting commissioner, left abruptly after refusing to give DOGE representatives access to sensitive private data about millions of Americans.

During Mr. Dudek’s short tenure, the Social Security Administration announced plans to cut 12 percent, or 7,000 employees, from its staff and issued stark new policies that were quickly rolled back — all while field offices experienced more technology interruptions and a rise in phone wait times.

In April, the White House began to use some of the agency’s closely guarded data systems as a tool for immigration enforcement, a decision that is likely the Trump administration’s most controversial for the S.S.A., and steers it away from its mandate as a social insurance program.

Over the past two months, there were several other dizzying changes. At one point, in response to a judge’s order, Mr. Dudek threatened to shut down the system used for all of the Social Security Administration’s work — only to back down hours later. He also cut contracts to the state of Maine in retaliation for a spat its governor got into with Mr. Trump. That move was walked back as well.

Social Security employees have described the environment as chaotic, and morale, which was already strained because of heavy workloads spread among a thin staff, as low.

The American Federation of Government Employees General Committee, and its local unit representing Social Security workers, said in a statement that they “appreciate Mr. Bisignano’s vow to ‘run the agency in the right fashion,’ as long as that means a course correction from January.”

Alexandra Berzon contributed reporting.