Summary
The Federal Reserve is expected to increase interest rates for the first time since 2023. This change could affect borrowing costs for individuals and businesses.Key Facts
- The Federal Reserve, often called the Fed, controls interest rates in the U.S.
- Interest rates have stayed the same for about three years.
- Increasing rates means loans and credit could become more expensive.
- The move aims to manage inflation and stabilize the economy.
- Higher rates can influence spending, saving, and investing habits.
- The Fed's decision will be announced on Wednesday.
- CBS News business contributor Javier David provided the explanation.
