The Federal Reserve raised interest rates by 75 basis points during its September policy meeting. After four previous increases, the benchmark fed funds rate now stands in the 3 percent–3.25 target range. Fed officials signaled that further big increases are likely at the two remaining meetings this year.
While the Fed’s decisions have consequences for the broader financial markets, they might also have vast implications for household budgets across the country, whether it’s credit cards or savings accounts.
