Federal Reserve's Interest Rate Decision: Implications for Mortgages, Credit Cards, and the Economy.
TL;DR Summary
As the Federal Reserve has steadily lifted its key interest rate over the past year, savers have benefited from higher yields, but borrowers can expect to pay more on credit cards, student loans, and other forms of debt. Credit card rates are closely linked to the Fed's actions, so consumers with revolving debt can expect to see those rates rise, usually within one or two billing cycles. Rates on certificates of deposit, which tend to track similarly dated Treasury securities, have been ticking higher. The average one-year C.D. at online banks was 4.7 percent at the start of April, up from 0.7 percent a year earlier, according to DepositAccounts.com.
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