CNN CNN Newsroom With Ana Cabrera March 16, 2022 17:45:00
>> we're minutes away from what is very likely to be first interest rate hike by the federal reserve of the covid era, since 2018. remember, when covid erupted in march of 2020, the fed dropped interest rates down to zero. that was trying to save the economy. they hadn't done anything like that since 2008 during the financial crisis. the economy doesn't need that much help right now. unemployment is down and inflation is up. so the fed is raising interest rates. what does that actually mean for ordinary people? that means borrowing costs will go up, mortgages, student debt, auto loans. it's st...