What the Federal Reserve’s Interest Rate Hike Will Mean

njspotlightnews.org

The Federal Reserve raised interest rates Wednesday (2/1) for the eighth time in a row, continuing its rate-hiking cycle. This increase was a modest quarter of a percentage point, which is being taken as another sign that inflation pressures are easing. But the change could have a big impact on people’s wallets, affecting their ability to borrow and save.