The Federal Reserve is likely to hike interest rates again. What that means for you

The Federal Reserve is widely expected to announce its eighth consecutive rate hike at this week’s policy meeting. 

This time, Fed officials likely will approve a 0.25 percentage point increase as inflation starts to ease, a more modest pace compared with earlier super-size moves in 2022.

Still, any boost in the benchmark rate means borrowers will pay even more interest on credit cards, student loans and other types of debt. On the flip side, savers could benefit from higher yields.

“The good news is that the worst is over,” said Yiming Ma, an assistant finance professor at...