In response to high inflation post-pandemic, the Federal Reserve raised interest rates 11 times between March 2022 and July 2023 to cool rising prices, staying above the 2% target. Now, there's speculation of a probable rate cut in September to reach sustainability towards 2% inflation.
Higher interest rates, directly influenced by the Fed's rate hikes, impact consumer products like mortgages and auto loans. Consumers bear increased borrowing costs, facing higher rates as banks adapt to the raised federal funds rate.
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