Federal Reserve just hiked interest rates 0.75% — what it means for you

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

Rising interest rates are intended to drive spending down as consumers will be realizing higher commercial interest rates on mortgages, credit card APRs and other loans. While creating limited demand could bring inflation down, it’ll also have a big impact on people’s finances in both positive and negative ways. 

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