What the Fed rate hike likely means for you
The Federal Reserve’s interest rate hike will increase borrowing costs for consumers across products like mortgages, credit cards, and auto loans. Conversely, the move is expected to benefit savers by leading to higher interest rates on savings accounts and certificates of deposit. This policy adjustment serves as a primary tool for the central bank to manage economic stability and curb inflation.
Bad news for borrowers, good news for savers.
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