The Fed just raised interest rates by another 0.75% — here’s what it means for you

The Federal Reserve recently raised interest rates by another 0.75%, bringing the federal funds rate to between 3.75% to 4.00%. This is the fourth consecutive three-quarters of a percentage point raise on interest rates and the sixth interest rate hike overall.

These increases are part of an effort by the Fed to lower the inflation rate to 2% from where it currently stands at 8.2%, and they’re expected to continue throughout 2023. Rates are expected to peak anywhere from 4.5% to 4.75% before going down.

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