How the Federal Reserve's rate hikes affect your finances

plunged in June. If you're financially able to go ahead with a home purchase, you're likely to have more choices than you did a few months ago.

“Many used-vehicle buyers are already acutely feeling the impacts of higher prices for energy, food and rent,” Smoke said. Those who don’t qualify for low-rate credit cards might be stuck paying higher interest on their balances. The rates on their cards would rise as the prime rate does. Higher rates mean that safe assets like bonds and Treasuries become more attractive to investors because their yields are now higher. That, in turn, makes risky assets like technology stocks and cryptocurrencies less attractive.

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Interest rates 2022: How the Federal Reserve's rate hikes affect your financesThe Fed's latest hike, its fourth since March, will further magnify borrowing costs for homes, cars and credit cards, though many borrowers may not feel the impact immediately.
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How the Federal Reserve’s rate hikes can affect your financesThe Fed’s latest hike, its fourth since March, will further magnify borrowing costs for homes, cars and credit cards, though many borrowers may not feel the impact immediately.
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