Fed Expected to Hike Interest Rates for First Time Since 2023. See What It Means for Your Money.

TL;DR

The Federal Reserve is expected to raise its benchmark interest rate by 0.25 percentage points, the first increase in over three years.
This rate hike is intended to combat stubborn inflation, which remains above the central bank's target.
Borrowing costs for consumers, such as credit card interest rates, are likely to increase.
Savers may see improved returns on high-yield savings accounts and CDs.
The decision on the rate hike will be announced on September 16th, followed by a press conference with Fed Chairman Kevin Warsh.

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