Interest rates just went up again: What the latest Fed move means for you

Eleven times in 17 months. That’s how fast the Federal Reserve has hiked its overnight bank lending rate, which directly or indirectly affects many consumer rates.

The Fed’s aggressive campaign is intended to beat down inflation. And it may be working. Based on the latest reading, inflation as measured by the Consumer Price Index grew at just 3% in June. And the Fed’s preferred inflation measure — the core Personal Consumption Expenditures Index — inched down to 4.6% in its latest reading.

In either case, both numbers are still above the Fed’s 2% target, which suggests the US central bank may not be done quite yet.