CA, US & World
Federal Reserve Weighs Interest Rate Decision as Inflation Remains Elevated
The Federal Reserve is meeting Wednesday with interest rates at the center of attention as policymakers weigh continued inflation pressures against the cost of borrowing for consumers and businesses.
The Federal Open Market Committee is scheduled to announce its latest policy decision Wednesday, with Federal Reserve Chairman Kevin Warsh set to hold a news conference afterward. The Fed's most recent published effective federal funds rate was 3.63% on Sept. 14.
Higher interest rates generally make borrowing more expensive, affecting products such as credit cards, auto loans and mortgages. Mortgage rates have also remained elevated, adding another cost for prospective homebuyers.
Energy prices are an additional concern for the economy. Higher oil and diesel prices can increase transportation costs, which can then affect the prices consumers pay for goods, including groceries.
The Congressional Budget Office released a report Tuesday examining the economic and budgetary effects of the current armed conflict involving Iran. CBO said a prolonged conflict that disrupts oil shipments through the Strait of Hormuz could put upward pressure on prices and slow global economic growth.
The Fed has a dual mandate to promote maximum employment and stable prices. Its decisions can affect borrowing costs throughout the economy, although consumer rates such as mortgages are also influenced by broader financial-market conditions.
The current meeting comes as households continue to deal with higher prices for everyday expenses. For consumers already facing increased costs at the gas pump and grocery store, changes in interest rates could add another factor to household budgets.
The Federal Reserve's decision and updated economic projections are expected to provide additional insight into how policymakers view inflation, employment and the path for interest rates.
Explore: NBCPalmSprings.com, where we are connecting the Valley.
By: NBC Palm Springs
September 16, 2026
Latest Instagram Posts
Social Time with Thalia & Jerry
What’s next for Palm Desert? Join community leaders, local businesses and regional stakeholders for the 2026 State of the City Address. Topics: • Economic Development • Infrastructure • Public Safety • Community Programs • Palm Desert’s Future CTA: Friday, September 18 | 11:30 AM JW Marriott Desert Springs Resort
Former Silvercrest CEO, William Rodriguez is expected back in court today in connection with the deadly 2024 Cathedral City hit and run that killed a woman. The murder charge was dismissed, but Rodriguez still faces felony hit and run and suspended license charges.
Social Time with Thalia & Jerry
Murder suspect Vicky Kim has once again not been cleared to appear in court. Kim is accused of killing her husband at their Palm Desert condominium complex. Her arraignment has now been delayed three times. Stay tuned with NBC Palm Springs as we track the latest developments in this case. #VickyKim #PalmDesert #CoachellaValley #BreakingNews #CourtUpdate NBCPalmSprings
Palm Springs is mourning the loss of beloved entertainer James “Gypsy” Haake, who has died at 94. Haake began his entertainment career at just 19 years old as a Broadway chorus dancer. After retiring from the stage, he returned to performing at 82, becoming the host of Carnival Cabaret at Oscars in downtown Palm Springs. A longtime friend of our station, Haake was a familiar and beloved figure in the Palm Springs entertainment community — and his contributions were recognized with a star on the Palm Springs Walk of Stars. His career spanned more than seven decades, proving that the spotlight never truly left him. ❤️ Rest in peace, James “Gypsy” Haake. Your legacy will live on in Palm Springs. #JamesGypsyHaake #PalmSprings #PalmSpringsWalkOfStars #CarnivalCabaret #PalmSpringsEntertainment #OscarsPalmSprings #PalmSpringsHistory
Social Time with Thalia & Jerry
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will be 1) Sterling Conley with the rushing TD, 2) Marcus Kennedy with the touchdown catch, 3) Cade Pinon with the big time sack, 4) Kingston Pellum with the pick-6, or 5) Caleb Hartwell with the saving throw #fypage #fridaynightlights #football #hondaofthedesert #highschoolfootball
James Nellis from @dsrt_club_lq and @rd_rnnr_lq makes us one of his signature dishes, his Maine scallops with hibiscus puree. His creativity and skill lead to unique bold flavors and scrumptious dishes. We chat about his love of trying new things in the kitchen, what being a chef means to him, and how food can different, flavorful, and fun. This is James Nellis on a plate. See it now on nbcpalmsprings.com
At the annual 9/11 Memorial Stair Climb at Morongo Casino Resort & Spa, first responders, families and community members came together to honor the lives lost—and the heroes who answered the call 25 years ago on September 11, 2001. Two first responders who responded to opposite sides of the World Trade Center met for the first time at the event, sharing a powerful moment of remembrance and connection. 26 flights. Three times. One enduring message: Never Forget. #NeverForget #September11 #911Memorial #MemorialStairClimb #FirstResponders HonorAndRemember 911