Here’s How Higher Rates Will Impact You

(CNN) — The Covid era of free money is over, and the Federal Reserve is stepping up its fight against inflation.
Fed officials raised the central bank’s benchmark interest rate by half a percentage point on Wednesday, its biggest single move in 22 years.
This follows the Fed’s decision to raise its rate by a quarter percentage point in March, its first interest rate hike since late 2018.
The fact that the Fed is finally moving away from zero shows confidence in the health of th