Array
In 14 months, the Federal Reserve reshaped the lending landscape in its efforts to rein in 40-year high inflation.
The nine rate increases – 10 as of Wednesday – have slowed the economy by making borrowing more expensive. At the extreme, the annual percentage rate on a new credit card has jumped from just over 16% to nearly 24%.
But it not just credit cards, the rate increases are affecting all kinds of lending as well as purchases.
From fewer home sales to falling prices for televisions and used cars, several indicators are flashing that the interest rate increases are slowing the economy as well as inflation. However, economists say we likely still haven’t seen the full impact: Rate increases can take a year to ripple through a financial system.
The Federal Reserve’s policymaking committee raised the federal funds rate another 0.
