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Fed rate hike likely means more expensive credit cards and mortgages, but savers may rejoice

Fed rate hike likely means more expensive credit cards and mortgages, but savers may rejoice
Photo: Yourbasin / Big 2 KMID + Fox 24 KPEJ (Nexstar) · view original

WASHINGTON (AP) — The Federal Reserve just raised the cost of money — bad news for borrowers, good news for savers. The Fed increased its benchmark interest rate Wednesday by a quarter-point, the first rate hike since the summer of 2023. The hike will likely make it even costlier to borrow for ho...

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