The Fed May Raise Interest Rates Again in December
A top Federal Reserve official says interest rates could rise again in December to help fight inflation.
Borrowing money may get more expensive before the year ends. Federal Reserve leaders continue to watch rising prices across the country.
Fed Governor Christopher Waller spoke about interest rates this week. He says he leans toward raising rates again in December. He might even back a larger half-point increase if new inflation reports look high.
The Fed raises rates to cool down the economy. Higher rates make it costlier to borrow, which helps slow price increases over time.
For your wallet, this means credit cards and home loans will cost more. Focus on paying down debt now. Building your cash savings remains a smart plan as rates climb.
Source: CNBC
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