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What’s happening
The Federal Reserve drove up the federal funds rates today by another 0.75 percentage point. This move could drive mortgage, credit card, Top News loan and other interest rates up.
Why it matters
With the Fed’s latest rate hike and plans to continue raising rates, there will be consequences — most likely an uptick in unemployment.
What it means for you
Soaring consumer prices, tumbling stocks, increased costs to borrow money and the threat of layoffs could prove particularly devastating for low- and middle-income Americans.
On Wednesday, the Federal Reserve (PDF) again by three-quarters of a percentage point, marking The Breaking News fourth rate increase in just five months.Though the Fed has been raising interest rates aggressively to counteract rampant inflation, prices have yet to stumble.
The latest rate hike comes on the heels of June’s reading, which marked another 40-year peak for inflation, which sits at 9.