Another month, another Federal Reserve interest rate hike.
, the second hike of this magnitude in just two months by the U.S. central bank in its quest to rein in
“It is essential that we bring inflation down to our 2% goal if we are to have a sustained period of strong labor market conditions that benefit all,” said Federal Reserve chairman Jerome Powell at a press conference Wednesday. With inflation so bad right now, mortgage rates rose throughout the spring and have stayed high into the summer.
Now, homes are starting to sit on the market longer, and more sellers are cutting prices to find buyers. Builders started fewer homes in June than they did in May. Ever since the pandemic began and the Fed dropped interest rates, the average interest rate for a typical savings account hovered around 0.06%,Now, with the Fed’s benchmark rate rising, interest rates are ticking up, too. Some banks, especially internet banks, are starting to offer interest rates on savings accounts of 1% or more.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Who wins and who loses when the Fed hikes interest rates?The Federal Reserve announced Wednesday that it will increase its benchmark interest rate by 0.75%, matching the largest increase in decades. Here's what that means for everyday Americans.
Read more »
Fed Hikes Interest Rates by 0.75 Percentage Point for Second Consecutive Time to Fight InflationThe Federal Open Market Committee released its post-meeting statement Wednesday on what it will be doing with interest rates.
Read more »
How to prepare for the Fed's next interest rate hikeThe U.S. Federal Reserve is poised to raise interest rates for a fourth time since March. Financial advisors are sharing advice ahead of the next hike.
Read more »
The Cost to Borrow Is Very Expensive. Here Are the Best Money Moves to Make After the Federal Reserve's Interest Rate HikesEverything from student loans, car loans, mortgages and credit cards will be impacted by the Fed’s back-to-back 0.75-percentage-point interest rate hikes.
Read more »
Live blog: Follow along as the Federal Reserve announces its key interest rate decisionThe central bank is expected to hike interest rates by 0.75 percentage point on Wednesday.
Read more »
Crypto market contracts as the Fed's next interest rate decision loomsGlobal crypto market cap sinks below $1 trillion ahead of Fed's interest rate decision.
Read more »