- 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.
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.