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Policymakers increased interest rates by a quarter point, to the highest level in 22 years. They also left the door open for further increases, as they continue the fight against rapid inflation.
The Fed raised short-term interest rates by 0.25%, the latest in a series of hikes that brought rates from zero to more than 5.25%. The best savings accounts are paying between 4.5% and nearly 5% as a result.
Car buyers bear a heavy burden as Federal Reserve keeps raising rates.
The Fed raised its key interest rate by a quarter point, opened the door to another hike. Inflation has eased but officials worry it could spike again
The Federal Reserve’s expected move Wednesday to raise interest rates for the 11th time could once again send ripple effects across the economy. Mortgage