Fed rate hike would hit consumers hard. Here’s what it means for you.

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  • Fed rate hike would hit consumers hard. Here’s what it means for you.


  • The Fed is expected to raise its benchmark interest rate again this month by 75 basis points.
  • More rate hikes are expected, too, this year as the Fed battles surging inflation.
  • Consumers should prepare by locking in fixed rates, refinancing, and paying off high interest debt.

Americans have been bracing for higher borrowing costs, with the Federal Reserve starting an interest rate hiking cycle to stymie soaring inflation.

Investors should expect those higher costs to head ever higher. 

The Fed’s policy-making committee meeting ends on Wednesday, and most economists expect the Fed to raise by 75 basis points its benchmark short-term fed funds rate after 12-month June consumer inflation accelerated to a 9.1% pace from 8.6% in May.



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