Powell to lead the Fed for a second term. Here's what that means to your wallet
The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day.
Since the start of the pandemic, the Fed's historically low borrowing rates have made it easier for most Americans to access cheaper loans and less desirable to hoard cash. Only recent indications of rising inflation have caused the central bank to start to move away from its easy money policy.The first Fed rate hike is now expected“Making this announcement on Monday morning before U.S. markets open is no coincidence and should alleviate any jitters from uncertainty about the Fed creeping in as we head into the Thanksgiving holiday,” McBride said.
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