Even though theFederal Reserve didn't raise its benchmark rate Wednesday, your borrowing costs may still start to head higher.
Rising prices brought on by the economic recovery are paving the way for the central bank to unwind last year's bond buying. While the central bank said that interest rates will stay near zero for now, the tapering of bond purchases is seen as the first step on the way to interest rate hikes.
And that, alone, may impact the rate you pay on your mortgage, credit card and car loan.
"Tapering itself is going to increase yields in the medium- and long-term horizons, which will translate into higher borrowing costs," said Yiming Ma, an assistant finance professor at Columbia University Business School.