Here's how the Fed raises interest rates

Banks give out money all the time — for a fee.
When we borrow and then pay back with interest, it's how banks make money.
The cost of borrowing — interest rates — makes a big difference on which credit card you choose or whether you get one at all.
If your bank wants to make it more expensive to borrow, it's not as simple as just slapping on a new rate, as a grocer would with milk. That's something controlled higher up, by the Federal Reserve, America's central bank.
Why