Federal Reserve Expected to Raise Interest Rates

 This coming week, experts expect the Federal Reserve to raise interest rates to stop inflation again. This would make it the 6th week in a row that the Federal reserve has raised interest rates. The 6 consecutive rises in interest rates strongly signal a panic at the federal level about inflation, this should not come as a surprise to most people who have been paying attention to the economy at all, because inflation has been rising for more than 6 months. 

If the Fed does increase the interest rates this could affect the general public in a few ways. The first and most common would be credit cards. Since credit card interest rates are variable a hike in Federal Interest Rates could easily trigger credit card companies to raise their interest rates at the same or higher level as the Federal Reserve. CNBC reports that rates have already raised from 16.3 percent at the beginning of 2022 to almost 19 percent here in October. 

The same goes for Auto Loans and many other types of small loans have already increased their interest rates and are expected to keep rising if the fed does keep the interest rates increasing. Auto loans have already increased from 3.86% to 5.63% and are expected to rise to 6% by the end of the year.

https://www.cnbc.com/2022/10/31/another-fed-rate-hike-is-on-the-way-heres-how-it-could-impact-you.html