The Fed has raised interest rates again — here's how it happens and why it matters

The Federal Reserve raised its benchmark interest rate again on Wednesday.
The Fed adjusts the interest rates that banks charge to borrow from one another, which is eventually passed on to consumers.
Some economists say that what the Fed is doing now is a bit unusual because it's raising rates even though inflation is quite low.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 ra