The Fed Could Raise Rates Wednesday — Millions Of Americans Could Pay More

The Federal Reserve could raise interest rates this Wednesday — and millions of Americans could feel the impact. Markets are now pricing in close to a 90% chance of a quarter-point rate hike, even as economic growth begins to slow. If the Fed moves, the effects could reach far beyond Wall Street — affecting mortgages, credit cards, auto loans, personal loans, savings accounts, bonds, and stocks. New Fed Chair Kevin Warsh is facing a difficult decision: inflation is still above the Fed’s 2% target, oil prices have surged above $100 a barrel, and the labor market remains relatively strong. But GDP growth has slowed, creating a difficult tradeoff for policymakers. In this video, we break down why expectations for a rate hike changed so quickly, what Warsh is likely watching, and what a higher-rate environment could mean for your money.