BREAKING: Federal Reserve raises interest rates by 0.75% - CNBC
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Here’s what the Federal Reserve’s third 75-basis point interest rate hike means for you
Published Wed, Sep 21 20222:00 PM EDT
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Jessica Dickler
The Federal Reserve raised interest rates by three-quarters of a point, citing persistent inflation.
Everything from mortgages and credit cards to student and car loans will be impacted by another major rate hike.
Here’s what it could mean for your monthly expenses.
The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the third time in a row, in an effort to cool down unrelenting inflation.
Fed officials have raised the benchmark short-term borrowing rate a total of five times this year, including 75-basis point increases in June and July, marking an unprecedented pace.
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