What Each Millennial Wants To Know (but Is Afraid To Ask) About How the Fed Affects Things

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What Each Millennial Wants To Know (but Is Afraid To Ask) About How the Fed Affects Things

Jan, 3rd 2017

It finally happened. The Federal Reserve announced an increase in interest rates Wednesday afternoon, a long-anticipated move after months of steady improvements in United States employment signaled the economy is now strong enough to sustain the hike — the first increase since December 2015.

Specifically, the Fed raised the benchmark federal funds rate from the most recent range, between 0.25% and 0.5%, to a new higher range: 0.5% to 0.75%.

It's one of the most talked-about stories of the year in the financial world, since interest rates have a huge impact on the economy.

Indeed, the Fed decision will affect you.

Rates affect the prices you pay at the store — and how quickly they go up, aka inflation — as well as the interest...

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