What today's Fed rate hike means for you

Posted on AllSides June 15th, 2022
From The Left

The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses.

The US central bank increased its benchmark interest rate by three-quarters of a percentage point on Wednesday, which is the biggest single hike since 1994.

This follows the Fed's decision to raise its rate by half a percentage point in May, the biggest increase in 22 years.

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