After the raised its key rate once again, American families will face higher borrowing costs for mortgages, credit cards and auto loans. The Fed on Wednesday raised its policy rate by 75 basis points, to a range of 3 percent to 3.25 percent, in a push to cool the economy and tame .Higher rates are designed to slow inflation by reducing the supply of easy money -- but by raising borrowing costs for families and businesses, the Fed risks triggering job losses and higher debt burdens for consumers.
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