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News on the economy and the fight against inflation in this country, the prices you're paying really for everything.
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Tonight the Federal Reserve raising that key Benchmark interest rate yet again, in a battle to slow inflation, the increase another three quarters of a percentage point, the fifth hike this year.
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How this will affect credit cards, car loans, new mortgages, and will it work to slow inflation? here's our chief business and economics correspondent Rebecca Jarvis now.
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Tonight in the fight against inflation, the Federal Reserve raising that key interest rate by another three quarters of a percentage point.
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We have got to get inflation behind us, I wish there were a painless way to do that, there isn't.
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Today's hike the third since June, will make new car and Home Loans more expensive, you'll also pay more on your credit card.
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Take for example the average balance about seven thousand dollars, if you're making minimum payments, today's hike could cost you an additional 416 dollars in interest.
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Mortgage rates which have doubled since January to more than six percent are heading higher too.
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In Washington DC, math teacher Emily Brown and her family have outgrown their rental, so she crunched the numbers. - It's a big life decision, so you gotta do the math.
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The only way they could afford to buy was to cut their budget by a hundred thousand dollars.
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We had to give up on some of the things we wanted, like a garage, less Square, that's what less square feet, and even farther out from DC than we had originally planned.
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So let's bring in Rebecca Jarvis as we always do on this, and Rebecca, the Federal Reserve expected to keep raising rates into next year, and the FED warning that this could all lead to higher unemployment?
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That's right, David, the FED signal today it expects to hike interest rates another one and a quarter percent this year.
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While we've seen gas prices drop more than a dollar since June, other areas like those rents and groceries continue to climb, and the FED has made it clear, its number one priority, is fighting inflation. Even if it means the jobless rate unemployment goes up, David.
