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What rising interest rates mean for you | CNN Business

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In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. What does this mean for you?

Editor’s Note: This is an updated version of a story that originally ran on August 26, 2022. In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%. It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward pressure on other interest rates throughout the economy.

Consequently, they’re offering far higher rates and have been increasing them as benchmark rates go higher. So shop around. Today some online savings accounts are paying over 2%. And top-yielding one-year CDs offer as much as 2.50%. If you want to make a switch, however, be sure to only choose those online banks and credit unions that are federally insured.

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مهسا_امینی Mahsa_Amini

It means we are in a worse shape then ever before. POTUS needs to SECURE THE US BORDER. ENFORCE THE LAWS CURRENTLY ON THE BOOKS. REEL IN SPENDING. FOCUS ON CRIME, RECESSION, FOREIGN POLICY (THE WHOLE WORLD IS LAUGHING.) EDUCATION US A JOKE. LOWER TO MIDDLE CLASS... NO CHANCE.

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