What Rising Interest Rates Would Mean for You

September 16, 2015 11:37 AM

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For years, Americans have been told that higher interest rates are coming, eventually. Federal Reserve Chair Janet Yellen and the Fed's Open Market Committee may now be getting ready to lift rates off the floor, probably by a quarter of a percentage point from their current range of 0 percent to 0.25 percent. It could happen at the Fed’s meeting on Thursday. Or maybe the Fed will wait again.

“It’s this unicorn, this mythical creature that’s out there,” said Maggie Kirchhoff, a financial planner with Wisdom Wealth Strategies in Denver. “It may exist, and it may arrive, but you’re not sure when.”

Also read: Fed's Kaplan says he has no problem with being 'restrictive'

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