Interest rates may stay higher for longer. What that means for consumers

Even as Federal Reserve Chairman Kevin Warsh implements measures to curtail so-called forward guidance — or how the Fed signals its future rate moves — investors are largely expecting an increase in interest rates in the months ahead. The central bank has kept rates on hold all year as officials deliberated next steps with inflation remaining well above the Fed's 2% target. A 9-3 majority voted last month to keep the benchmark borrowing rate in a range between 3.5%-3.75%. Despite a weaker-than-expected jobs report, inflation data in July is expected to show another modest increase, keeping a September hike "firmly in play," according to an Aug. 7 note from Bank of America Global Research. The Bureau of Labor Statistics is set to release the next CPI reading, with July data, on Wednesday.Read more CNBC personal finance coverage"July's broadly disappointing employment report suggests that it may be more important for central bankers to be lucky than good, with Chair Warsh's light touch on monetary policy looking vindicated by what appears to be an increasingly dreary jobs market," Peter Graf, Chief Investment Officer at Amova Asset Management Americas, said in a statement Friday.Mark...