The Consumer Price Index came in Wednesday exactly where economists expected: up 0.3% in February, with the annual rate holding at 2.4%. Core inflation, which strips out food and energy, rose 0.2% monthly and 2.5% annually. The numbers are neither great nor terrible, which in Fed-speak means "we're not cutting rates anytime soon."

If you were hoping this report would convince the Federal Reserve to start lowering interest rates and make mortgages cheaper, I have bad news: it won't. Inflation is still above the Fed's 2% target, and until that number comes down and stays down, borrowing costs are staying elevated.

Here's what the numbers actually mean for your wallet. If you have a high-yield savings account, this is good news. Those 5% APYs aren't going anywhere because the Fed isn't cutting rates. If you're sitting on cash, you're still getting paid to wait. But if you're trying to buy a house or refinance a mortgage, you're stuck with rates in the 6-7% range for the foreseeable future.

The CME Group's FedWatch tool which tracks market expectations for rate cuts is now pricing in the next cut for September at the earliest. There's about a 43% chance of a second cut before the end of the year. That's not nothing, but it's not exactly aggressive easing either. Translation: the Fed is in no hurry.

And honestly, why would they be? The economy is doing "good enough." Unemployment is low. Consumer spending is holding up. Inflation is stuck at 2.4%, which is close to target but not quite there. This is the kind of environment where the Fed can afford to be patient, even if it's frustrating for anyone trying to borrow money.

The breakdown shows inflation is uneven. Shelter costs rose 0.2% in February and remain the biggest driver of overall inflation. Food prices climbed 0.4%, both at home and away from home. Energy was up 0.6%. Meanwhile, some categories actually fell: used car prices dropped, auto insurance declined, and communication costs came down.