 federal reserve voted to hold interest rates steady today but as npr scott horsley tells us investors are betting that the central central bank will start to cut interest rates at its next meeting in september for now the fed is leaving its benchmark interest rate between five and a quarter and five and a half percent where it's been for the last 12 months that means short-term borrowing to buy a car or carry a balance on a credit card will remain relatively expensive the central bank is getting closer to a point though when it's ready to start cutting interest rates