-
5 ways the Fed and higher interest rates may impact you
Interest rates are almost undoubtedly going up this month, for the first time in three years. The Federal Reserve is expected to raise its benchmark interest rate by 0.25% next week to curb inflation, which is running at a 40-year high. Additional hikes are likely later this year. American households will feel that policy impact in many ways, both positive and negative, according to financial advisors. “The Fed raising rates touches pretty much every single corner of the economy,” said Andy Baxley, a certified financial planner at The Planning Center in Chicago. 1. Loans Higher interest rates translate to ... (full story)