Federal Reserve Hikes Interest Rate Amid Economic Uncertainty

The Federal Reserve increased its benchmark interest rate by a quarter-point on Wednesday, marking the first rate hike since the summer of 2023.

This decision was made despite former President Trump's demands for a cut in rates.

According to Dr. Victor Claar, associate professor of economics at Florida Gulf Coast University, the rate hike will likely result in more expensive credit cards and mortgages for consumers.

Savers may rejoice, however, as they could benefit from higher interest rates on their savings accounts.