Federal Reserve Raises Interest Rate by 0.75%   

On Wednesday, the Federal Reserve announced another significant increase in interest rates as the institution attempts to control escalating inflation.

For the third consecutive time, the Fed increased its benchmark interest rate by 0.75 percentage points.

The cost of everything is going up as the Fed rate rises to 3%-3.25%, from credit card debt and mortgages to business finance.

The central bank hinted at future rate increases by projecting that they would reach 4.4% by the end of the year.

According to the Fed, it will slow economic growth and increase unemployment from 3.7% to 4.4% the next year.

Rates are substantially rising as central bankers strive to address the global issue caused by the rising cost of living.

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Raising rates increases the cost of borrowing, which should cause consumers to spend less and pay less.