What the Fed's latest interest-rate hike means for your money

The Federal Reserve is again using its most potent weapon in trying to douse the hottest inflation in 40 years: interest rate hikes. But the central bank's move Wednesday to further raise borrowing costs means consumers and businesses are grappling with back-to-back increases of three-quarters of percentage point — a double-barrel monetary blast that could make a big impact on your finances. 

To be sure, the Fed has raised rates in consecutive months before, but two 0.75 percentage-point hikes in a row "is pretty extraordinary," noted Matt Schulz, chief credit analyst...