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BankingFed Raises Benchmark Rate to 3.75–4.00% in First Hike Since 2023Mortgage & Housing30-Year Mortgage Rate Climbs to 6.76% in Latest Freddie Mac Weekly SurveyRetirement2027 Social Security COLA Projected at 3.5%–3.6%, Official Figure Due October 14DebtAmericans Added $21 Billion in Credit Card Debt Last Quarter as Average APR Exceeds 22%InflationGrocery Prices Were Flat in July but Still 2.7% Higher Than a Year Ago, BLS ReportsBankingFed Raises Benchmark Rate to 3.75–4.00% in First Hike Since 2023Mortgage & Housing30-Year Mortgage Rate Climbs to 6.76% in Latest Freddie Mac Weekly SurveyRetirement2027 Social Security COLA Projected at 3.5%–3.6%, Official Figure Due October 14DebtAmericans Added $21 Billion in Credit Card Debt Last Quarter as Average APR Exceeds 22%InflationGrocery Prices Were Flat in July but Still 2.7% Higher Than a Year Ago, BLS Reports
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Today’s Lead Story
Wednesday, September 16

Banking

Fed Raises Benchmark Rate to 3.75–4.00% in First Hike Since 2023

via Kiplinger

The Federal Reserve announced a 0.25-percentage-point rate increase today, lifting the target range to 3.75–4.00% for the first time since July 2023. Persistent energy-driven inflation tied to Middle East supply disruptions was cited as the primary reason for resuming hikes after months on hold.

Why it matters

A higher Fed rate filters into credit card APRs, new auto loans, and variable-rate debt within weeks, making any revolving or adjustable-rate balance more expensive almost immediately.

See all today’s storiesRead source

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