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

Posted on AllSides July 27th, 2022
From The Left

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...

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