The Federal Reserve on Wednesday authorized the biggest interest rate hike in 28 years—doubling down on a policy that's already driving up borrowing costs and tanking housing demand.
One bright spot?"The outlook for savers is getting better," says McBride, pointing out high-yielding savings accounts and certificates of deposit will raise payouts even though most banks"are likely to be stingy about passing along higher rates.
”the central bank would raise the federal funds rate, which is the target interest rate at which commercial banks borrow and lend reserves, by 75 basis points to a target range of 1.5% to 1.75%—the largest hike since 1994 after a 50-basis-point increase last month.
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