American's are going to see a significant blow to their wallets after the raised interest rates by 0.75 percentage points on Wednesday, the biggest rate hike in 28 years. Although the Fed tends to raise the rate, which currently sits at .77 percent, by 0.5 percentage points, the central bank is acting more aggressive to curb record high , which hit 8.6 percent in May, the highest it's been in 41 years. The Fed's main tool to fight inflation is by setting the short-term borrowing rate for commercial banks, which then pass that rate on to consumers and businesses.
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