Fed Interest Rate

🇺🇸 This is like the “base” rate for borrowing money in the U.S. economy. Think of it as the price banks pay to borrow money from each other. When the Federal Reserve (or “Fed”) raises or lowers this rate, it affects a lot of things.

How it affects everyday life:

💳 Loans and credit cards: When the rate goes up, it makes it more expensive for people to borrow money. So if you’re paying off a mortgage, car loan, or credit card, you’ll notice higher interest payments. When the rate goes down, borrowing becomes cheaper.

💵 Savings: A higher Fed rate can mean you earn more interest on your savings accounts. When it’s lower, the interest you earn goes down.

👨‍💻 Jobs and Business: A higher rate can make it more expensive for businesses to borrow money to expand, leading to slower hiring or reduced investment. Conversely, a lower rate makes it cheaper for businesses to borrow, spurring growth and hiring.

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