The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point.
In response to soaring inflation and volatile financial markets, the central bank will hike the rate that banks charge each other for overnight borrowing to a range of 1.5%-1.75%, where it hasn’t been since before the Covid pandemic crisis began.
That rate feeds through to consumer borrowing, impacting virtually all adjustable-rate products such as credit cards and home equity loans.
Following the FOMC meeting, Fed Chairman Jerome Powell will address the media.
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Chairman Jerome Powell speaks after Fed hikes interest rates by half point — 5/4/22