What does the Fed’s 75 basis point rate-hike mean for the economy?

Seattle, Portland, San Francisco

2022/07/28

The Fed’s benchmark interest rates ↑ 0.75% on July 27, the latest rate-hike to cool the economy and bring down inflation. The higher interest rates will impact the cost of business loans including national, regional and community banks. The Fed is not done with its rate hikes, with additional increases expected in September and later in 2022. Borrowing costs will be higher, though still at historic lows, as bank lending requirements are tightening.