Federal Reserve approves first interest rate hike in more than three years

[gdale6]

The Federal Reserve on Wednesday approved its first interest rate increase in more than three years, an incremental salvo to address spiraling inflation without torpedoing economic growth.

After keeping its benchmark interest rate anchored near zero since the beginning of the Covid pandemic, the policymaking Federal Open Market Committee said it will raise rates by a quarter percentage point, or 25 basis points.

https://www.cnbc.com/2022/03/16/federal-reserve-meeting.html

[CreditAggie]

I can confirm that this is starting to happen. My Costco Visa statement just cut and the interest rate increased from 15.24% to 15.49%.

[Trini88]

Yep my apr on all my credit cards went up except for FNBO and Target. Waiting on those statements to cut.

[Adkins]

My only single digit APR just went up to 10.15%. Bummer. 👎👎

[unsungivy]

I noticed it on my CSP. Was like wait.. that was x.99% before.

[FinStar]

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@Adkins wrote:

My only single digit APR just went up to 10.15%. Bummer. 👎👎

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And the Feds aren't done yet. This is the first of a series.

[Adkins]

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@FinStar wrote:

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@Adkins wrote:

My only single digit APR just went up to 10.15%. Bummer. 👎👎

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And the Feds aren't done yet. This is the first of a series.

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I expect it. 🤷

[Anonymous]

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@Adkins wrote:

My only single digit APR just went up to 10.15%. Bummer. 👎👎

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Join the crowd!

As has been recently posted in the Forum this is only the first of many being forecast!

The possible side benefit is higher savings/investment rates for consumers as loans start to cost more As we all know ... there is no such thing as a free ride?

[lovebackwards]

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@gdale6 wrote:

The Federal Reserve on Wednesday approved its first interest rate increase in more than three years, an incremental salvo to address spiraling inflation without torpedoing economic growth.

After keeping its benchmark interest rate anchored near zero since the beginning of the Covid pandemic, the policymaking Federal Open Market Committee said it will raise rates by a quarter percentage point, or 25 basis points.

https://www.cnbc.com/2022/03/16/federal-reserve-meeting.html

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It's already happened to my Apple Card. I haven't checked my other cards but I'm sure they've gone up as well. 

[Anonymous]

The Federal Reserve said in a news feed yesterday that they are looking at three 0.50% rate increases in 2022 and the next change would occur in June 2022.