Here’s everything the Fed is expected to announce, including the biggest rate hike in 28 years
The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point.
In response to soaring inflation and volatile financial markets, the central bank will hike the rate that banks charge each other for overnight borrowing to a range of 1.5%-1.75%, where it hasn’t been since before the Covid pandemic crisis began.
That rate feeds through to consumer borrowing, impacting virtually all adjustable-rate products such as credit cards and home equity loans.
Along with the rate increase, here’s a quick...