Economists worry, though, that the Fed’s streak of 10 rate hikes since March 2022 could eventually cause the economy to slow too much and cause a recession.
NEW YORK — The Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect most Americans.
The Fed’s goal is to slow consumer spending, thereby reducing demand for homes, cars and other goods and services, eventually cooling the economy and lowering prices. For those who don’t qualify for low-rate credit cards because of weak credit scores, the higher interest rates are already affecting their balances.The Fed doesn’t directly dictate how much interest you pay on your credit card debt. But the Fed’s rate is the basis for your bank’s prime rate. In combination with other factors, such as your credit score, the prime rate helps determine the Annual Percentage Rate, or APR, on your credit card.
While the biggest national banks have yet to dramatically change the rates on their savings accounts , some mid-size and smaller banks have made changes more in line with the Fed’s moves. Since the Fed began raising rates in March 2022, the average new-vehicle loan rate has jumped from 4.5% to 7%, according to Edmunds data. Used vehicle loans dropped slightly to 11.1%. Loan durations average around 70 months — nearly six years — for new and used vehicles.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Federal Reserve raises interest rates again, economists say rate hikes are working to fight inflationThe Federal Reserve has raised interest rates yet again as it continues to fight inflation. Economists say the increases are working and could help home buyers in in the long run.
Leer más »
Feds eyeing possible ‘manipulation’ of bank share prices: reportIncreased short-selling activity and volatility in shares have drawn increasing scrutiny by federal and state officials and regulators in recent days, Reuters reported.
Leer más »
Feds fine McDonald’s franchisees in Kentucky with workers as young as 10Two 10-year-olds are among 300 children who worked at McDonald’s restaurants illegally, a Labor Department investigation of franchisees in Kentucky found.
Leer más »
Feds fine McDonald’s franchisees with workers as young as 10Two 10-year-olds are among 300 children who worked at McDonald’s restaurants illegally, a Labor Department investigation of franchisees in Kentucky found.
Leer más »
Boy Scout employee had videos of children using bathrooms at N.J. camps, feds sayThe man allegedly used email accounts to distribute child porn, and stored hundreds of images and videos on electronic devices in his home.
Leer más »
Feds fine McDonald’s franchisees for employing childrenAgency investigators found the 10-year-olds received little or no pay at a McDonald’s in Louisville, the Labor Department said. The franchisee for the Louisville store was among three McDonal…
Leer más »