To keep up with the surging cost of living, consumers are spending more and saving less — and rising interest rates aren’t helping their financial picture much.
Next week, the Federal Reserve likely will raise rates by another three-quarters of a percentage point (although some on Wall Street still think the Fed could opt for a full percentage point increase).
Fed officials have already raised benchmark short-term borrowing rates 1.5 percentage points this year, including June’s 75 basis point increase, which was the largest increase in nearly three decades.
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