Americans will experience this policy shift through higher borrowing costs: No longer will it be insanely cheap to take out mortgages or car loans. And cash sitting in bank accounts will finally earn something, albeit not much.
New York The Covid era of free money is over, and the Federal Reserve is stepping up its fight against inflation.
Fed officials raised the central bank's benchmark interest rate by half a percentage point on Wednesday, its biggest single move in 22 years.This follows the Fed's decision to raise its rate by a quarter percentage point in March, its first interest rate hike since late 2018.The fact that the Fed is finally moving away from zero shows confidence in the health of the job market.
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