Here’s how you can prepare if there’s a 50 basis point Fed rate hike

Consumers are spending more to keep up with the surging cost of living and it may get worse before it gets better.

“Even though wage growth has been the best in decades, it’s been outpaced by increased household costs,” said Greg McBride, chief financial analyst at Bankrate.com. “With inflation at a 40-year high, that has everybody concerned.”

After the Federal Reserve raised interest rates for the first time in more than three years, Chairman Jerome Powell vowed tough action on inflation, which he said jeopardizes an otherwise strong economic recovery.

Now the