How steep Fed rate hikes affect your finances
By CORA LEWIS
Associated Press
NEW YORK (AP) — Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though. Many economists say they fear that a recession is inevitable in the coming months. With it could come job losses that could cause hardship for households already hit worst by inflation. Wednesday, the Federal Reserve acted again to sharply raise its key short-term rate, as its previous rate hikes are already being felt by households across the economy.
