How steep Fed rate hikes affect your finances
2 years, 3 months ago

How steep Fed rate hikes affect your finances

Associated Press  

NEW YORK — Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Even before the Fed’s decision Wednesday, credit card borrowing rates have reached their highest level since 1996, according to Bankrate.com, and these will likely continue to rise. Rates on new auto loans are likely to go up by nearly as much as the Fed’s rate increase. Mortgage rates don’t always move perfectly in tandem with the Fed increase, instead tracking the expected yield on the 10-year Treasury note. Fed Chair Jerome Powell warned last month that, “our responsibility to deliver price stability is unconditional” — a remark widely interpreted to mean the Fed will fight inflation with rate increases even if it leads to deep job losses or a recession.

History of this topic

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