The Federal Reserve raised interest rates by 0.75% – what does that mean for you

The Federal Reserve recently raised interest rates by 0.75% bringing the fed funds rate to between 3% to 3.25%. In an effort to rein in inflation, gradual increases are expected to continue into 2023 with rates expected to peak at 4.6% or higher.

Higher interest rates aim to reduce spending as consumers will earn higher commercial interest rates on mortgages, credit card APRs and other loans. While creating limited demand can lower inflation, it will also have a significant impact on people’s finances in both positive and negative ways.

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