Fed Raises Interest Rates

FED RAISES INTEREST RATES AND SIGNALS FASTER HIKES ON THE WAY

(CNN) – Interest rates are going up again.

Wednesday the Federal Reserve lifted its benchmark rate for the second hike this year.

The federal funds rate helps determine rates for mortgages, credit cards and other borrowing.

It went up a quarter of a percentage point.

The fed is raising rates gradually to keep the economy in check as inflation creeps higher and the job market grows even tighter.

A majority of policy makers now expect a total of four interest rate increases this year.

Categories: US News