What the Fed Rate Hike Means for Your Savings, Credit Cards and Loans

The Federal Reserve raised interest rates by 0.75% Wednesday, stepping up its efforts to rein in inflation. The move will ripple through the financial world and the wallets of millions of Americans, changing the math on a range of money decisions big and small.

With inflation hitting 8.6% in May, the cost of everything from lawn care to air conditioning is on the rise. The Fed rate increases are intended to cool the economy and slow the runaway growth in prices. The market has been falling for several weeks as the Fed started to raise rates and on Monday, stocks entered into a bear market. 

 » Read More  » Read More

Tags: No tags

Comments are closed.