Political and Legislative
How the Federal Interest Rate Hike Will Impact You
The Federal Reserve Bank announced a 75-basis point interest rate hike on Wednesday, a 50 percent greater increase than the central bank had initially signaled it was going to make for June.
The move comes after inflation hit a new, 40-year high last week, with consumer prices reaching an 8.6 percent mantel over where they were a year ago.
Fed watchers predict that the bank’s benchmark Federal Funds rate will continue to rise throughout the year, perhaps at a quicker pace than originally expected if higher prices don’t go down.
