How the Fed's next interest rate decision could impact you
Summary
The Federal Reserve will announce its first decision on interest rates under new chairman Kevin Warsh. This decision comes at a time when inflation, which means prices going up, is continuing to increase. The choice the Fed makes could affect things like loans and savings for people.Key Facts
- The Federal Reserve is the central bank of the United States.
- Kevin Warsh is the new chairman of the Federal Reserve.
- This is his first interest rate decision as chairman.
- Inflation means prices of goods and services are rising.
- Higher interest rates can make borrowing money more expensive.
- Lower interest rates can encourage people to spend and borrow more.
- The Fed’s decision can affect everyday things like mortgage rates and credit card costs.
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