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.
On Wednesday, the central bank boosted its benchmark rate by a quarter-point to 5.1 percent. Rates on credit cards, mortgages and auto loans, which have been surging since the Fed began raising rates last year, all stand to rise even more. The result will be more burdensome loan costs for both consumers and businesses.
