Real Estate

Low Fed interest rates reshaped the U.S. economy; here’s what’s next


The United States is entering a new economic era as the Federal Reserve hikes its benchmark interest rate.

In July 2023, the federal funds effective rate stood above 5% for the first time in four decades. As interest rates climb, economists say financial conditions are headed back to being more normal.

“Having interest rates at zero for such a long period of time is very unusual,” said Roger Ferguson, a former vice chair at the Federal Reserve. “Frankly, no one ever thought we’d get to that place.”

Back-to-back financial crises gave past Fed policymakers the conviction to take interest rates as low as they can go, and keep them there for extended periods of time. Along the way, they…


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