Fed Raises Interest Rates By 0.25%

(Washington, DC) — Interest rates are going up yet again. The Federal Reserve hiked rates by a quarter-percentage point. The central bank has been aggressively raising interest rates over the last year in a bid to get inflation under control. However, this is a smaller rate hike than the vast majority of those seen last year. With the hike, it’ll be costlier for Americans to buy a home, a car, and most credit card balances will increase. On the upside, the interest rates on some savings accounts are higher.