‘Savings are gonna run out’: Already battered by high inflation, Fed’s rate hike will hit lower-income and rural Americans hard

‘Savings are gonna run out’: Already battered by high inflation, Fed’s rate hike will hit lower-income and rural Americans hard

The Federal Reserve raised its benchmark rate by 0.75 percentage point on Wednesday in an effort to moderate rising costs of consumer goods and services. While economists say raising the interest rate will help cool consumer demand and hopefully ease record inflation, it will also raise the cost of borrowing for everything from houses to …

‘Savings are gonna run out’: Already battered by high inflation, Fed’s rate hike will hit lower-income and rural Americans hard Read More »