This is how the Fed's latest interest-rate hike will affect you
The central bank said it is boosting rates by 0.75 percentage point. Expect to pay more for credit card debt and loans.
Watch CBS News
The central bank said it is boosting rates by 0.75 percentage point. Expect to pay more for credit card debt and loans.
The Federal Reserve raises a key rate three-quarters of a percentage point, 3 shot in downtown Minneapolis overnight, and more.
The Federal Reserve, as expected, announced it is raising interest rates by three-quarters of a percentage point to help tamp down inflation. CBS News' Tanya Rivero and Christina Ruffini get analysis of the economic and political impact from Ted Rossman, senior industry analyst at Bankrate.com; CBS News political correspondent Caitlin Huey-Burns; and Michelle Singletary, Washington Post personal finance columnist.
The rise in the federal funds rate, which is what banks charge each other for overnight loans, comes as several significant pieces of economic data are released this week.
Jonah Kaplan reports on why the Federal Reserve is raising interest rates and what that means for the economy and consumers.
The Federal Reserve raised the interest rate Wednesday by three-quarters of a percentage point. Jeff Wagner explains why that seemingly-small change can have a big impact on your money.
"Inflation is much too high," Fed Chair Jay Powell said of the U.S. central bank's largest rate hike since 1994.
In an effort to rein in inflation, the Federal Reserve later this week is expected to meet and raise interest rates.
In an effort to rein in inflation, the Federal Reserve is expected to meet and raise interest rates later this week.
