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Wealth
Economics

Credit Cards at 20%, Mortgages Near 6%: The Fed's Rate Hikes Are Already Having an Impact

  • Americans are feeling the sting from Fed’s interest-rate hike
  • Homebuyers, small businesses see a surge in debt costs
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Powell Says Fed 'Acutely Focused' on Inflation

US credit-card rates have soared past 20%, mortgage costs have climbed to the highest since 2008 and companies are having a harder time borrowing money.

The Federal Reserve’s aggressive rate-hiking cycle to tame decades-high inflation is expected to take months to fully filter through the economy. But the impact has been immediate for the millions of people who need a loan today to pay bills, go to college, buy a home or expand their business.