
Here’s what the Fed’s fastest rate hikes in 40 years mean for your money
The Fed impacts almost every financial decision you make.
The Federal Reserve is one of the most complex institutions in the world; yet, its decisions impact consumers’ wallets more than any other policymaker in Washington, D.C. My goal is to remove some of the mystery surrounding the U.S. central bank, so you can be an even smarter consumer.
— Sarah Foster
Bankrate.com writer Sarah Foster covers the Federal Reserve, the U.S. economy and economic policy. Originally from a small town in rural Illinois, Foster developed a passion for economics while watching her community recover from the Great Recession. She witnessed just how much Main Street is impacted by Wall Street and saw firsthand that the Federal Reserve’s most well-intentioned policies can still leave those most desperate for help behind.
Sarah previously worked for Bloomberg News, the Chicago Tribune and the Chicago Daily Herald and has been quoted in several national and regional media outlets, including Yahoo! News, NBC, the Toronto Star, the St. Louis Post-Dispatch and more.
The Federal Reserve is one of the most complex institutions in the world; yet, its decisions impact consumers’ wallets more than any other policymaker in Washington, D.C. My goal is to remove some of the mystery surrounding the U.S. central bank, so you can be an even smarter consumer.
— Sarah Foster
The Fed impacts almost every financial decision you make.
The Fed is weighing how much more it needs to slow the economy.
Some Americans may be getting stung by inflation that’s even higher than the national rate.
Economic challenges could mount, regardless of whether lawmakers raise the limit.
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More than 1 in 4 pay checking account fees worth $288 a year, on average.
In the past six months, the same goods and services have cost you $500-$400 more.
Cooling inflation isn’t the same as low inflation.
Job growth is expected to be nearly 10 times slower this year than it was last year.
Economists expect more rate hikes than the Fed itself.
Experts say no other downturn has been so widely predicted.
See our predictions for rates on mortgages, credit cards, savings accounts and more.
Interest rates have an even greater chance of rising higher than 5-5.25% in 2023.
Borrowing rates are likely going to top 5 percent before the Fed calls it quits.
Americans are course correcting their finances amid a likely shaky economy in 2023.