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How the Fed rate hike impacts mortgages, car loans, credit card debt

The Federal Reserve just raised its benchmark interest rate. Here are some ways that could impact your wallet.

Sources (1)+1 copy· Sep 17, 6:13 PM

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  1. firstNBC10 Boston
  2. firstNBC 5 Chicago

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Federal Reserve official says fighting inflation likely to be 'painful'A top Federal Reserve official said Monday that the central bank may have to cause economic pain in the form of higher unemployment to combat stubbornly high inflation. Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said in a speech in London that the Fed is facing a series of persistent supply shocks, including the Iran war and…

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Federal Reserve hikes key rate for 1st time in 3 years, defying Trump demands for a cutThe Federal Reserve raised its benchmark interest rate Wednesday for the first time since 2023 in an effort to quell stubbornly-high inflation, a move that could spur a sharp response from the White House. The quarter-point increase lifts the Fed’s key rate to about 3.9% and, over time, could result in higher borrowing costs for mortgages, auto loans,…