Expand chart
Data: Reproduced from a Magnify Money chart; Chart: Axios Visuals

The Fed hasn't raised interest rates this year and isn't expected to do so any time soon, but interest rates on credit cards are still increasing.

Why it matters: U.S. card holders are expected to pay $122 billion in interest charges in 2019. That's 12% more than what they paid in 2017 and 50% more than what they paid as recently as 2014.

By the numbers:

  • Credit card interest rates tend to move in concert with U.S. overnight interest rates, controlled by the Fed.
  • LendingTree's Magnify Money website found that between December 2015 and December 2018, the Fed had increased rates by 2%, while credit card interest rates had increased by 2.16%.
  • The average credit card assessed interest rate is now 16.91%. It was 13.14% in the first quarter of 2014.

Go deeper

16 mins ago - Podcasts

The debate over COVID-19 liability protections

Stimulus talks continue to move slowly, with Democrats and Republicans unable to agree on whether or not to include coronavirus-related liability protections for businesses, health facilities and schools.

Axios Re:Cap digs into the debate, which could reset the cost-benefit analysis for businesses thinking about reopening and employees thinking about returning.

Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 18,364,694 — Total deaths: 695,848 — Total recoveries — 10,965,634Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 4,742,277 — Total deaths: 156,133 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. States: New York City health commissioner resigns in protest of De Blasio's coronavirus response — New York ER doctor on pandemic advice: "We know what works"
  4. Public health: 59% of Americans support nationwide 2-week stay-at-home order in NPR poll Atrium Health CEO says "virtual hospital" has treated 13,000 COVID patients.
  5. Politics: Republicans push to expand small business loan program Trump tells "Axios on HBO" that pandemic is "under control," despite surges in infections.
  6. Sports: Indy 500 to be held without fansRafael Nadal opts out of U.S. Open.
Updated 37 mins ago - World

At least 25 killed, 3,000 injured after massive explosion rocks Beirut

Photo: Anwar Amro/AFP via Getty Images

A major explosion has slammed central Beirut, Lebanon, damaging buildings as far as several miles away and injuring scores of people.

Driving the news: The cause of the explosion is unknown. Lebanon's health minister said in televised remarks that more than 30 people have been killed and over 3,000 injured.