The 's latest interest rate hike could mean higher borrowing costs for some consumers, especially those carrying large credit card debt.The Fed on Wednesday boosted its benchmark rate a quarter percentage point, to a range of 4.75 percent to 5 percent, its highest level in 16 years and up from near zero a year ago.Though it's a smaller increase than other recent hikes intended to fight , the move will further increase borrowing costs for families and businesses.
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