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Federal Reserve announces hike to key interest rates to slow down inflation

Credit cards interest rates and mortgage rates are expected to go up.

News 12 Staff

•

May 5, 2022, 9:41 AM

•

Updated 1,100 days ago

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Stamp out Hunger Food Drive taking place across Long Island Saturday

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Student working to put up solar powered flashing speed limit sign in front of Mepham High School

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The Federal Reserve just announced it will raise key interest rates .50% in an effort to fight record inflation.
How will higher rates impact you and your wallet?
Credit cards interest rates and mortgage rates are expected to go up.
Experts predict it will only get worse with additional hikes expected in June and July.


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