“Some of these rates are higher than many consumers have ever seen.” “Even once the Fed stops raising interest rates, borrowing rates are still very, very high,” said Greg McBride, ’s chief financial analyst. That doesn’t necessarily mean that relief is on the way, especially with the forecast of possibly two additional hikes this year. Though the Fed hasn’t likely reached the top of its rate-raising cycle, it’s getting closer. HOW WILL BORROWERS BE AFFECTED BY ALL THIS? ![]() Fortunately, that isn’t likely to change anytime soon. And in the meantime, people with savings accounts are enjoying higher yields than they have in years. Still, some people may feel encouraged by the possibility that loan rates might not rise much more. Consumers would still have to bear the weight of higher-cost auto loans, mortgages, credit cards and other forms of borrowing. And even after the Fed has stopped hiking, it’s likely to keep borrowing rates at a peak for months to come. That said, the Fed’s policymakers indicated that they envision potentially two more hikes this year - a more hawkish forecast than had been expected. ![]() NEW YORK (AP) - The Federal Reserve’s decision Wednesday to leave interest rates alone for the first time in 11 meetings raises hopes that it may be at least nearing the end of its rate-hiking campaign to cool inflation.
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