The Fed’s decision on interest rates affects many types of consumer borrowing costs, from credit cards and mortgages to auto loans.

The European Central Bank left interest rates unchanged on Thursday after cutting eight times in a year, biding its time while Brussels and Washington negotiate over trade. Its main policy rate is currently at 2% down from 4% a year ago, and inflation is back at the ECB's 2% goal.

The market continues to anticipate fewer interest-rate cuts by the Federal Reserve this year than it did just a few months ago, according to BofA Global Research. The Fed’s next rate-setting meeting will conclude July 30,