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How the Fed's 0.75 percent interest rate hike will impact your wallet

The Federal Reserve said on Wednesday that it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994. Here's how it will impact your wallet.

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How the Fed's 0.75 percent interest rate hike will impact your wallet

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    The Fed boosted interest rates 0.75% — the most since 1994. Here's how it will affect your wallet.

    The Fed boosted interest rates 0.75% — the most since 1994. Here's how it will affect your wallet.

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    CBS News - By Aimee Picchi

    Earlier this year, the Federal Reserve turned to its most potent weapon — raising interest rates — to combat soaring inflation.

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