How Rising Interest Rates Affect Your Money
Newsy
The Federal Reserve is expected to raise interest rates this week to address rising inflation.
Interest rates may sound boring, but they have a significant impact on Americans and their families. Higher rates may influence whether people can buy, borrow or save money in future years — not to mention, it could impact the economy.
Related StoryPowell Tells Congress The Fed Will Raise Interest Rates This Month
The Federal Reserve will meet Tuesday and Wednesday to discuss the possibility of raising interest rates. The Fed will likely raise rates after Chairman Jerome Powell told Congress recently that he supports the move. They're expected to hike rates between 0.25% and 0.50% at first, with similar hikes anticipated throughout the rest of the year.
