Americans are going to see a blow to their wallets after the raised interest rates by 0.75 percent, increasing mortgage payments and other monthly bills, causing savings accounts rates to improve, and threatening to bring about a recession that could cost millions their jobs. The Federal interest rate is now at 2.33 percent following Wednesday's hike as the central bank acts aggressively to curb record high , which hit 9.1 percent last month, the highest in 41 years. The Fed's main tool to fight inflation is by setting the short-term borrowing rate for commercial banks, which then passes that rate on to consumers and businesses.
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