LAS VEGAS (KTNV) — Americans hoping for a drop in interest rates are going to have to wait it out.
The federal reserve says they are keeping rates steady, but last month it was announced two rate cuts were coming in 2025.
Despite no change, the chairman of the Federal Reserve Jerome Powell says he sees the uncertainty but is feeling confident about the current state of the economy.
"The economy is strong overall and has made significant progress toward our goals over the past 2 years," said Powell. "Labor market conditions are solid, and inflation has moved closer to our 2% longer-run goal, though it remains somewhat elevated."
Here in our valley, many locals are concerned and feel uncertain about the economy. Several locals tell me they're just trying to make ends meet right now, and are hoping relief is not delayed much longer.
WATCH: Local talks about how she's making ends meet
“Coming to people’s aid now would be much appreciated," said Las Vegas local Marranda Mabry-Hollis who is searching for a job.
Mabry-Hollis was at the Boulevard Mall Wednesday attending a West Coast Job Fair.
Local News
Thousands of jobs on offer at Las Vegas Job & Career Expo this Wednesday
This company hosts some of the largest job fairs in the valley, they say with businesses offering thousands of jobs from hotels, to healthcare, security and more.
She tells me she has been looking for jobs ever since she lost hers in February.
“I’ve been applying to just about everything even stuff that isn’t on my resume, but no responses," said Mabry-Hollis.
Mabry-Hollis has been struggling to make ends meet with no consistent paycheck. She's had to get financing.
“I usually don’t like having to ask for money, so it takes a lot out of me to ask for help," said Mabry-Hollis.
She has even had to resort to extreme measures.
“Yesterday, I went to donate plasma just to get food," said Mabry-Hollis
So, with on-again, off-again tariffs, prices increasing across the board and so much uncertainty, she was disappointed hearing the feds didn't make a change, and that means the cost of borrowing money remains high.
“I don’t think that makes sense at all," said Mabry-Hollis.
UNLV Professor and Research Director for the Center for Business and Economic Research, tells me he expected Powell to stay the course.
“He’s keeping his options open because of high uncertainty and he wants to see what’s happening in the economy first and then they’ll decide on what to do with interest rates," said Miller.
At a press conference in Washington D.C. Wednesday, Powell was still promising two rate cuts this year.
He said that could push interest rates down to 3.9%, which is down from the current 4.25%-4.5% rates.
Powell also expects inflation to drop to 2% in the next 2 years as of now, regardless of the actions made by the Trump Administration.
“It may give people more confidence in the fed, but the fed is not the only one running the train at the moment," said Miller.
"I don’t see how that’s bringing confidence honestly," said Mabry-Hollis
Miller tells me the Federal Reserve's stay-the-course plan could face challenges soon, with reciprocal tariffs expected to go into effect on April 2.
