How will the federal interest rate hike impact you?

Oregon economic experts say the Federal Reserve’s effort to curb inflation will make borrowing and consumer lending more expensive.

PORTLAND, Ore. — The Federal Reserve is raising interest rates by three-quarters of a percentage point — the largest increase since 1994. It’s an effort to slow the economy and fight back against rapid inflation which is running at a 40-year high. 

Ultimately, the Fed hopes an interest rate increase will help to lower prices, but by raising the federal funds rate, borrowing money will become more expensive.

For one, it’ll cost more to buy a home in a market with already-high housing prices.

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