Fed Holds Interest Rates Steady: What Does That Mean For You?

NEW YORK (CBSNewYork) -- The Federal Reserve said it is scaling back plans to raise interest rates because the economy is showing mixed signs.

CBS News business analyst Jill Schlesinger stopped by the CBS2 studios to explain what that means for you.

Schlesinger said it's great news for borrowers "because the fed basically said they're not touching rates for a while" and it may be a great time to refinance your house.

It's "terrible news" for savers, who have been struggling for almost 10 years, Schlesinger said, adding they may want to look at alternatives, including internet banks and credit unions, to help boost the bottom line.

Watch the full interview above for more information.