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Rates aren't likely to go down anytime soon, so their effects could linger on the economy. Here's what you need to know about how they'll affect you.

The Federal Reserve raised its key rate by a quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease

NEW YORK (AP) — The Federal Reserve raised its key rate by a quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease inflation by making borrowing more expensive.

The ECI is viewed by policymakers as one of the better measures of labor market slack and a predictor of core inflation because it adjusts for composition and job-quality changes. The Fed last year raised its policy rate by 425 basis points from a near-zero level to a 4.25%-4.50% range, the highest since late 2007.

Economists predict Georgia will see a recession this year, but an expected increase in economic development will make the recession mild and short.