Here are 5 ways the next Federal Reserve rate hike could impact you

This week, the Federal Reserve will likely raise rates by another three-quarters of a percentage point for the third consecutive time in an effort to cool down the high cost of living. 

The U.S. central bank has already raised interest rates four times this year, for a total of 2.25 percentage points. 

Fed officials have “declared inflation as ‘public enemy No. 1,'” said Mark Hamrick, senior economic analyst at Bankrate.com.

“They want to take their benchmark rate into restrictive territory and hold it there for longer awaiting what Chairman Jerome Powell has said must be ‘compelling evidence that inflation is moving down,'” he said. “We remain far from that destination.”

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