First and foremost . . .
Home selling season is kaput for anybody who isn't a millionaire.
Also . . .
This is an even BETTER time to start paying off those credit cards.
Finally . . .
Local biz expansion by way of borrowed money is a non-starter. So it's always a great time to second guess developers and their get-rich-quick schemes.
Here's a better explanation . . .
What does that actually mean for hundreds of millions of Americans – Americans who have jobs, who buy things, who have bank accounts?
In short, interest rates are the Federal Reserve's main tool to combat inflation. Inflation is driven by strong consumer demand. By raising interest rates, which makes things more expensive, the Fed is hoping to dampen Americans' willingness to spend money.
Generally speaking, as the Federal Reserve raises its benchmark interest rate, everything else in the economy that involves interest rates of some kind is affected – and that's most things: credit cards, student loans, home and car loans, banking, savings accounts, the everyday operations of businesses, you name it.
Read more via www.TonysKansasCity.com links . . .
The Federal Reserve has hiked its benchmark interest rate by 0.75%. But what does that actually mean for hundreds of millions of Americans - Americans who have jobs, who buy things, who have bank accounts? In short, interest rates are the Federal Reserve's main tool to combat inflation.
The Federal Reserve on Wednesday demonstrated it wanted to be aggressive in its fight against inflation, approving its largest rate hike in almost three decades and signaling that its benchmark rate will rise close to 4% by the end of next year.
The Federal Reserve raised interest rates on Wednesday to combat inflation in its highest single rate hike since 1994; KDKA's Jon Delano reports.
Developing . . .