The Federal Reserve sets the benchmark interest rate for all other borrowing rates in the U.S. economy. This is known as the federal funds rate. Right now, the federal funds rate

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 Bank will announce a decision on the rate, which dictates borrowing costs for households and businesses, at midday.

The Bank of England is set to keep interest rates on hold as fears grow that the conflict between Israel and Iran will escalate to involve the United States and send oil prices soaring and push U.K. i

Britain's central bank looks set to keep interest rates on hold on Thursday as it waits to see if the economy and inflation continue to weaken, or whether the country will be hit by an energy price shock from the Israel-Iran conflict.