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Federal Reserve chairman Jerome Powell will ask his board to approve a quarter of a percent increase in the interest rate this afternoon. The Fed rate is near zero now. This will be the first increase since 2018. Some say it is long overdue and a step toward fighting inflation.
But you will feel the effect of this increase and the probable three or more increases to come this year.
Powell wanted a half percent increase, but the war in Ukraine will probably push the board toward a more measured approach.
When the Fed acts, or even talks about acting, the financial world reacts. Already, credit card interest rates, car loans, business loans…