Fed Rate Hike Means Tiny Increase on Credit Cards, Little Impact on Car Loans and Mortgages

By CBN News

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In a bid to fight high prices, the Federal Reserve raised the benchmark interest rate on Wednesday. The rising cost of gas, food, energy and other necessities is straining household budgets. The hike shows the Federal Reserve believes inflation continues to move in the wrong direction. In announcing the interest rate boost from 3.75 to 4 percent, Fed Chairman Kevin Warsh said, "The plain fact is that inflation is too high and has been for too long." The rate hike put Donald Trump's hand-picked Fed Chair at odds with the President, who suggested the Fed is raising rates for political reasons, telling reporters, "They're raising the rates to make Trump do as bad as he can possibly do." Read the full story from CBN's Dale Hurd: https://cbn.com/news/politics/fed-rate-hike-means-tiny-increase-credit-cards-little-impact-car-loans-and-mortgages Want more news from a Christian Perspective? Choose to support CBN: https://go.cbn.com/ugWBn CBN News. Because Truth Matters™ Download the free

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