ed signals March rate hike – here’s what that means for your wallet

At the Federal Reserve's January meeting on Wednesday, it signaled plans to change its monetary policy and raise interest rates in March to combat rising inflation.

The central bank elected to hold the federal funds rate at its target range of 0% to 0.25% for February, keeping interest rates low for now as it ends its asset purchases. But inflation increased by 7% annually in December, the highest increase in 40 years, so the Federal Open Market Committee (FOMC) will soon begin interest rate hikes in an effort to bring it back down. 

"Today’s clear signal from the Federal Reserve that they will hike rates in March was no surprise, given the strong job market and inflation well above the 2% target," Mike Fratantoni, Mortgage Bankers Association (MBA) senior vice president and chief economist, said. "Similarly, the Fed’s move to quickly end any further growth to their balance sheet, thereby reducing accommodation at the longer end of the yield curve, also makes sense given the evolution of the economy."

If you want to take advantage of interest rates while they remain low, you could consider refinancing your private student loans to lower your monthly payments. Visit Credible to find your personalized interest rate without affecting your credit score.

 

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