Futures are down across the board this morning after the Fed hiked interest rates by a whopping 75 basis points on Wednesday. But what does the big Fed move actually mean for you? Here’s Phil Rosen, who writes Insider’s 10 Things Before The Opening Bell newsletter. He put it best.
TAPE: Essentially the hike will make mortgages, car loans, credit card debt, and other forms of borrowing more expensive for consumers.
The rate hike is the Fed’s way of cooling down inflation, which is making everyday purchases like gas and groceries really expensive right now. The Fed is likely to raise interest rates again when it meets next month.