The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point. In response to soaring inflation and volatile financial markets, the central bank will hike the rate that banks charge each other for overnight borrowing to a range of 1.5%-1.75%, where it hasn’t been since before the Covid pandemic crisis began. That rate feeds through to consumer borrowing, impacting virtually all adjustable-rate products such as credit cards and home equity loans. Along with the rate increase, here’s a quick look at what the Fed also likely will ... (full story)