Economy

Here’s everything the Fed is expected to announce, including the biggest rate hike in 28 years

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US Federal Reserve Chairman Jerome Powell speaks during a news conference in Washington, DC, on May 4, 2022.

Jim Watson | AFP | Getty Images

The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point.

In response to soaring inflation and volatile financial markets, the central bank will hike the rate that banks charge each other for overnight borrowing to a range of 1.5%-1.75%, where it hasn’t been since before the Covid pandemic crisis began.

That rate feeds through to consumer borrowing, impacting virtually all adjustable-rate products such as credit cards and home equity loans.

Along with the…



Source cnbc.com

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Mortgage demand is now roughly half of what it was a year ago, as interest rates move even higher

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