The Fed announced its first rate hike since 2018. What does that mean for your finances?
On Wednesday, the Federal Reserve raised its benchmark rate by a quarter percentage point (0.25%) as it tries to rein in inflation, which is at a 40-year high. For now, consumers may feel the sting of higher prices more acutely than the pinch of just a quarter-point bump. However, this week’s rate hike looks to be the first of multiple rate hikes to follow, leaving many people asking, “what does that mean for my finances?”