The Federal Reserve Policy You’ve Never Heard of Could Have the Biggest Effect on Your Wallet

The Federal Reserve Policy You’ve Never Heard of Could Have the Biggest Effect on Your Wallet
Traders work on the floor of the New York Stock Exchange (NYSE) on June 16, 2022 in New York City. Stocks fell sharply in morning trading as investors react to the Federal Reserve's largest rate hike since 1994. Spencer Platt/Getty Images
Tribune News Service
Updated:
By Sarah Foster From Bankrate.com

The Federal Reserve made headlines on June 15 when it raised interest rates by the single biggest hike since 1994, but another lesser-known decision at May meeting—albeit a substantially more complex one—could have an even greater influence over how much you pay to borrow money.