Fed Considers Rate Hike to Combat Rising Inflation

The Federal Reserve is set to make an announcement that will impact how much people pay to borrow money. A potential rise in interest rates is on the table, which would increase costs for mortgages, car loans, and credit cards with variable interest rates.

The goal of this move is to slow down spending and cool inflation, helping to stabilize prices as many everyday items see price hikes, from gas to groceries.

A new report from the Congressional Budget Office suggests that more than one-third of the increase in inflation this year can be attributed to the War in Iran.