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.

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.

Officials at the Federal Reserve continue to expect the central bank will lower interest rates by a half of a percentage point in 2025 as inflation moderates but remains above target and the job market remains relatively healthy.