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September 17, 2026

Fed rate hike likely means more expensive credit cards and mortgages, but savers may rejoice

  • The Fed increased its benchmark interest rate Wednesday by a quarter-point, the first rate hike since 2023.
    • By PAUL WISEMAN
    AP Economics Writer

    WASHINGTON — The Federal Reserve just raised the cost of money — bad news for borrowers, good news for savers.

    The Fed increased its benchmark interest rate Wednesday by a quarter-point, the first rate hike since the summer of 2023. The hike will likely make it even costlier to borrow for homes, autos and other purchases. But if you've been socking money away, you'll probably earn a bit more interest on your savings.


     
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