Fed Raises Interest Rates 0.75%

The Federal Reserve raised interest rates by 0.75% in its latest move to combat inflation.

This increase marks a significant step in the Fed's ongoing efforts to control rising prices and stabilize the economy.

ABC News business reporter Alexis Christoforous and ABC News' Elizabeth Schulze discussed the implications of this decision on American families, noting that higher interest rates can make borrowing more expensive and potentially slow down economic growth.