Prices are now projected to rise faster than expected at least in part and perhaps largely due to Trump's plans to levy duties on imports from U.S. trading partners, Fed Chair Powell said.

If the Federal Reserve cuts its benchmark rate this year, it will push savings and CD rates lower. Here's what the central bank says it expects right now.

The Federal Reserve held interest rates steady on Wednesday, keeping its benchmark rate — known as the federal funds rate — at 4.25% to 4.5%, as was widely anticipated. This rate is what lenders use to set interest rates on credit cards, loans and auto financing.