How Fed rate hikes affect Americans’ monthly budgets

Federal Reserve expected to increase in price Another 0.75 percentage points on Wednesday in a relentless effort to quelling high inflation. Americans are only just beginning to feel the full impact of these moves.

By raising interest rates, the Fed seeks to cool the economy and curb inflation, which continues to happen higher than expected in August. Higher interest rates increase the cost of carrying out credit card balances and mortgages, auto loans and other debt, but consumers may not immediately feel the impact. Even outsized rallies like the recent central bank rallies reach wallets and the broader economy gradually over weeks and months, economists say.

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