What do higher-for-longer interest rates mean for your money?

The Federal Reserve signaled at the conclusion of its two-day meeting on Wednesday that interest rates will remain elevated for some time, bringing to an end the era of ultra-cheap money.

Americans will be forced to adapt to a new normal where savers benefit from higher rates, but borrowers face steeper debt payments on everything from credit cards to mortgages to student loans.

"The timing of when the Federal Reserve begins to cut interest rates is up in the air – and in an indefinite holding pattern," said Greg McBride...