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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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The Fed raised interest rates for the first time in three years. Here's what it changes for UF students with loansThe Federal Reserve voted unanimously to raise its benchmark interest rate by a quarter of a percentage point Sept. 16, bringing its target range to 3.75% to 4%, the first increase since July 2023. About 91% of U.S. student loan debt is federal, which doesn't change in parallel to interest rate changes. Congress sets the rate once a year and the rate is…
How the Fed rate hike impacts mortgages, car loans, credit card debt – KnowGov