The Federal Reserve raised interest rates by a quarter-point on Wednesday, hoping to curb inflation and cool off the economy.
The Federal Reserve on Wednesday raised interest rates by a quarter-point in a quest to control inflation and cool off the economy, a decision that will affect just about anyone who borrows or saves money.
Borrowers who have home mortgages with fixed-rate loans won’t be affected because their rates are set regardless of what the Fed does. “We are well aware that our decisions affect consumers, families and businesses across the country,” Fed Chairman Jerome Powell said in comments to discuss the rate increase.
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