Most people pay little attention to the Federal Reserve and monetary policy. But they have an outsized impact on your bank accounts.

Global shares rose as investors digested earnings from Microsoft and Meta in the wake of this week's rout in technology stocks, while the dollar was steady against most other currencies after the Federal Reserve left rates unchanged.

It's important to understand that the Fed's decision to pause rate cuts will not directly impact mortgage rates. Mortgage rates are actually driven by a range of factors, including the Fed's rate changes. This week's Fed rate decision does, however, have a big influence on where mortgage rates could head.

Here's a quick primer on interest rates and what today's Fed decision could mean for your money. Read more: Trump Can't Lower Interest Rates. But What Power Does the President Hav

The Fed has a dual mandate. In addition to stable prices, the central bank is supposed to support maximum employment. With the labor market in "solid" shape, the FOMC has become m