The Federal Reserve kept rates unchanged at the end of its June meeting. The central bank's interest rate decision on Wednesday has far-reaching implications for almost all types of consumer loans as well as the returns on most savings accounts.

The Federal Reserve said Wednesday it will maintain the benchmark interest rate at its current range of 4.25% to 4.5%

The Fed kept its key rate unchanged for the fourth straight meeting Wednesday, and said the economy is expanding at “a solid pace."