Federal Rate Hikes and How They’ll Impact Your Wallet Story

Federal Rate Hikes and How They’ll Impact Your Wallet

[{"selector":"#anim-5bf68560-fbdd-43c6-b2cd-6d114b304b07","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a3f569b4-d224-4971-857c-eaad95fc0cbe","keyframes":{"transform":["translate3d(-115.92356%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] If you’ve been paying attention to the news, you certainly know that inflation is running pretty hot. To combat this, the Federal Reserve has chosen to hike interest rates – specifically, the federal funds rate. Read More

In this story, we’ll uncover what the federal rate hike really means for Americans, why these numbers continue getting worse, how this can impact your wallet, & finally, what you can do about this to make money.

Federal Rate Hikes and How They’ll Impact Your Wallet

Known as the “Federal Funds Rate FFR”, the federal rate is the rate at which banks and other depository institutions lend money to each other on an overnight basis. I

The Fed rate directly affects your wallet on many levels, such as your deposits, loans, credit cards, and mortgages with variable rates.

Why Has the Fed Increased Interest Rates?

As demand increased sharply, prices also rose, fueling inflation. The Fed decided to increase interest rates to control this trend of increasing prices and decreasing demand. Read More

Savers take a hit when the Fed lowers its rates as their money at the banks will earn less, and they will likely want to invest elsewhere to get better returns.

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