Updated: Jun 20
February 2, 2023 | njspotlightnews.org
The Federal Reserve raised interest rates Wednesday (2/1) for the eighth time in a row, continuing its rate-hiking cycle. This increase was a modest quarter of a percentage point, which is being taken as another sign that inflation pressures are easing. But the change could have a big impact on people’s wallets, affecting their ability to borrow and save.
NJ SEED: Every time the Federal Reserve raises interest rates there are impacts on the economy – some intentionally, others not.