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.
9 min read
Jan 27, 2023
EXPERTISE
- Economy
- Federal Reserve
- U.S. economic policy
- Personal finance
- Taxes
- Unemployment insurance (UI)
EDUCATION
- Bachelor of Science in News-Editorial Journalism, University of Illinois at Urbana-Champaign
- Master of Science in Journalism, Northwestern University
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
About the author
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.
Experience
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.
Media mentions
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
Sarah's latest articles
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Preview of the Fed meeting: Brace for smaller rate hikes as inflation begins to slow
The Fed is weighing how much more it needs to slow the economy.
9 min read Jan 25, 2023 -
How much is higher inflation hurting you? Here’s how to estimate
Some Americans may be getting stung by inflation that’s even higher than the national rate.
6 min read Jan 25, 2023 -
Debt ceiling: 5 devastating consequences if Congress doesn’t raise or suspend the limit
Economic challenges could mount, regardless of whether lawmakers raise the limit.
8 min read Jan 19, 2023 -
2022-2023 tax brackets and federal income tax rates
Filing your 2022 taxes and unsure about your tax bracket? Bankrate can help.
4 min read Jan 17, 2023 -
Survey: Nearly half of Americans are sacrificing recession preparedness by paying checking fees
More than 1 in 4 pay checking account fees worth $288 a year, on average.
6 min read Jan 17, 2023 -
Price gains are slowing but still at a 40-year high — here’s what inflation is and what causes it
In the past six months, the same goods and services have cost you $500-$400 more.
12 min read Jan 12, 2023 -
Survey: Inflation has likely peaked, but consumers will still pay more this year
Cooling inflation isn’t the same as low inflation.
5 min read Jan 04, 2023 -
Survey: Economists see slower hiring and more unemployment in 2023
Job growth is expected to be nearly 10 times slower this year than it was last year.
5 min read Jan 04, 2023 -
Survey: Fed seen aggressively hiking rates above 5% in 2023
Economists expect more rate hikes than the Fed itself.
5 min read Jan 04, 2023 -
Survey: The U.S. economy has a 64% chance of entering a recession this year
Experts say no other downturn has been so widely predicted.
4 min read Jan 04, 2023 -
Bankrate’s Interest Rate Forecast for 2023: Higher rates are here to stay, but the biggest increases may be over
See our predictions for rates on mortgages, credit cards, savings accounts and more.
9 min read Jan 03, 2023 -
How much will the Fed raise rates in 2023? Here’s what experts are saying
Interest rates have an even greater chance of rising higher than 5-5.25% in 2023.
7 min read Dec 21, 2022 -
When will the Fed stop raising rates? Maybe not as soon as you think
Borrowing rates are likely going to top 5 percent before the Fed calls it quits.
7 min read Dec 21, 2022 -
Survey: 66% of Americans don’t see their finances improving in 2023
Americans are course correcting their finances amid a likely shaky economy in 2023.
5 min read Dec 19, 2022
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