How steep fed rate hikes affect your finances
By CORA LEWIS
Associated Press
NEW YORK (AP) — Mortgage rates continue to jump, home sales slump and credit cards and auto loans increase. Savings rates are slightly juicier, though.As the Federal Reserve rapidly increases interest rates, many economists say they fear that a recession remains inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation.Wednesday, the Federal Reserve is expected to raise its key short-term rate by three-quarters of a point for a fourth straight time, even as its previous rate increases are being felt by households at all income levels.
