Fed rate hike will likely push borrowing costs on credit cards, mortgages — but benefit savers
The Federal Reserve has increased its benchmark interest rate by a quarter-point, marking the first such hike since the summer of 2023. This move is expected to raise borrowing costs for mortgages, auto loans, and credit cards while simultaneously providing higher interest returns for savers. The decision reflects a shift in monetary policy intended to adjust the cost of money across the economy.
WASHINGTON (AP) — The Federal Reserve just raised the cost of money — bad news for borrowers, good news for savers. The Fed increased its benchmark interest rate Wednesday by a quarter-point, the first rate hike since the summer of 2023. The hike will likely make it even costlier to borrow for homes, autos and […]
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