EXPLAINER: How steep Fed rate hikes affect your finances

Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though.

As the Federal Reserve has rapidly increased interest rates, many economists say they fear that a recession is inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation.

Even before the Federal Reserve acts again Wednesday to sharply raise its key short-term rate — a third straight three-quarter-point hike is likely to be announced – its previous rate increases are being felt by households at all income


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