The US and global markets have anticipated the Feds interest rate hike since the beginning of the year. Today, the increase in interest rates was officially announced, and it is believed to result of the Fed’s assessment that the economy is growing or will grow at a more sustainable pace.

The Fed considered the drop in the unemployment rate to 4.7 percent and project the unemployment numbers at about 4.5 percent and inflation at 2 percent.

The increase, which has been set at 0.25 percent, could only be the start. Two additional increases could be on the horizon later this year, the first of which may be set after the May policy making committee.

Don’t count of seeing increases in your savings interest as banks follow a tread of increases on loans more quickly than deposits. Credit card debt are likely to see an immediate increase of about a quarter percentage point in their interest rates. The effect on longer-term loans is less direct, but the average rate on a 30-year mortgage rose by half a percentage point over the last year.

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