Federal Reserve raises interest rates as inflation soars

Name: Federal Reserve raises interest rates as inflation soars
Uploaded: 2022-05-04T18:05:00-0400
Duration: 2 min 25 s
Description: The Federal Reserve raised interest rates Wednesday in an effort to tame inflation that's soaring at a 40-year high. Short-term borrowing was nudged up a half a point, and as CBS2's Carolyn Gusoff reports, consumers are going to feel it in their bank accounts.

The Federal Reserve raised interest rates Wednesday in an effort to tame inflation that's soaring at a 40-year high. Short-term borrowing was nudged up a half a point, and as CBS2's Carolyn Gusoff reports, consumers are going to feel it in their bank accounts.