WASHINGTON (AP) — The Federal Reserve just raised the cost of money — bad news for borrowers, good news for savers.
The Fed increased its benchmark interest rate Wednesday by a quarter-point, the first rate hike since the summer of 2023. The hike will likely make it even costlier to borrow for homes, autos and other purchases. But if you’ve been socking money away, you’ll probably earn a bit more interest on your savings.
The increase boosts the Fed’s target rate to a range of 3.75% to 4.00%.
Here’s what to know:
For the full story, please visit apnews.com
