Wednesday, June 15, 2022, The Federal Reserve raised interest rates ¾ of a percentage point. Credit card payments, loans for cars, student loans, and mortgage rates will all be affected. Americans are about to pay more! The Federal Reserve charged with keeping employment high and inflation low, coming down hard on sky rocketing inflation hiking interest rates the most since 1994.
The Federal Reserve’s key interest rate, which consumer loans are built on top of, now runs at about 1.75%, and is likely to rise to 3% this year, with more hikes anticipated to come in the future. The last time inflation was this high was 1981, NASA launched the first space shuttle mission, Ronald Regan was President, and Raiders of the Lost Ark was at the box office.
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