The Federal Reserve has increased interest rates for the first time in 2024, marking a shift in monetary policy that could ripple through the economy. This move aims to curb inflation by making borrowing more expensive, but the decision also influences everything from mortgage rates to savings accounts. Experts break down how these adjustments function and what they could mean for consumers and businesses in the coming months. Understanding the mechanics behind rate hikes may help clarify their broader financial impact.
The Federal Reserve just raised interest rates this week for the first time this year. So how does it actually work? And what does it mean for the economy — and the rest of us? Here are some answers.
