The Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect most Americans.
The short answer: inflation. Inflation has been slowing in recent months, but it's still high. Measured over a year earlier, consumer prices wereThe Fed’s goal is to slow consumer spending, thereby reducing demand for homes, cars and other goods and services, eventually cooling the economy and lowering prices.
The most recent data available showed that 46% of people were carrying debt from month to month, up from 39% a year ago. Total credit card balances were $986 billion in the fourth quarter of 2022, according to the Fed, a record high, though that amount isn’t adjusted for inflation. If your APR increased by a percentage point, paying off your balance would take two months longer and cost an additional $215.offering better interest on depositsInterest on savings accounts doesn't always track what the Fed does. But as rates have continued to rise, somefor savers as well. Even if you’re only keeping modest savings in your bank account, you could make more significant gains over the long term by finding an account with a better rate.
Rates for 30-year mortgages usually track the moves in the 10-year Treasury yield. Rates can also be influenced by investors’ expectations for future inflation, global demand for U.S. Treasuries and what the Fed does. Largely because of rate increases, the average monthly payment for both new and used vehicles has risen since March 2022, Edmunds says. The average new vehicle payment is up $72 to $729, Edmunds says. For used vehicles, the payment rose $20 a month to $546.
New vehicle average prices are down from the end of last year to $47,749. But they're still high compared with even a year ago. The average used vehicle price dropped 7% from last May's peak, to $28,729, butFinancing a new vehicle now costs $8,655 in interest. Analysts say that's enough to chase many out of the auto market.
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