If you followed the Federal Reserve's monetary policy decisions last year, you might have been puzzled: The Fed's three interest rate cuts didn't translate into cheaper mortgages. In fact, the average rate for a 30-year fixed home loan has hovered around 6.

Key Takeaways The Federal Reserve is widely expected to keep its benchmark interest rate flat when the central bank's policy committee meets Wednesday.The Fed has kept interest rates higher than usual all year to counteract inflation,

Trump has demanded the U.S. central bank lower its benchmark overnight interest rate immediately by a full percentage point, a dramatic step that would amount to an all-in bet by the Fed that inflation will fall to its 2% target and stay there regardless of what the administration does and even with dramatically looser financial conditions.

Israel’s attacks on Iran’s nuclear facilities risk pushing back the timeline for Federal Reserve interest-rate cuts as the US central bank waits to assess any potential impact on inflation, economists said.

So far this year, the Federal Reserve has kept interest rates steady. But when will that change, and how could it impact what you earn on your savings?

The Federal Reserve is widely expected to hold interest rates steady next week, with investors focused on new central bank projections that will show how much weight policymakers are putting on recent soft data and how much risk they attach to unresolved trade and budget issues and an intensifying conflict in the Middle East.

While Fed rate decisions influence what you earn on savings, the type of bank and account you choose matters more than the actual rate change, making it important to pick high-yield options that respond to Fed moves.

For context, one thing the central bank does is act as a bank for banks. And like a commercial bank pays interest on its clients deposits, the Fed pays interest on banks' reserves. Texas Republican Senator Ted Cruz has floated the idea of ending that practice and claims it could save $1.1 trillion over a decade.

Fed meeting is a key economic event, with Wall Street keyed into what Fed Chair Powell & Co. have to say about interest rates and the economy.