How the Fed’s interest rate hike could hit your wallet

December 16, 2015 7:18 PM

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How the Fed’s interest rate hike could hit your wallet

As expected, the Fed announced that it would increase its benchmark rate by one quarter of a percentage point. Investors and economists have been speculating about the moment, which could have huge implications for the economy and for consumers, for years.

The effects of the rate increase won’t be felt overnight. “This one change will, in the larger scheme of things, be unlikely to make a dramatic impact on what consumers will feel,” said Doug Duncan, chief economist at the mortgage giant Fannie Mae. But because the short-term rates controlled by the ...

Also read: ECB Extends but Scales Back Stimulus, Whipsawing Markets

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