NASHVILLE, Tenn. (WTVF) — The Federal Reserve is expected to raise interest rates for the 10th time in a row Wednesday.
Economic experts said this might be the last one for a while because they are seeing inflation and the job market slowing some.
Interest rates went from record low levels during the pandemic to going up at the fastest pace in 40 years.
Wednesday's increase would leave the key rate at 5.1 percent which is a 16-year high, and 5 percentage points higher than March of last year.
Experts do not expect interest rates to go down any time soon until inflation gets back to the Fed's goal of 2 percent.
There are some things Chief Financial Analyst with Bankrate, Greg McBride, said to keep in mind if you have debt.
"From a borrower's perspective that means you still have to prioritize paying down debt, particularly that high cost, credit, card debt," McBride said. "Rates are still north of 20 percent on average and you can consolidate data, the lower rate getting the low-rate balance transfer card."
The plus side is that people should take advantage of getting the best returns on savings in money markets or CDs.
