The Fed Bumps Up Your Credit Card Bill
‘The Federal Reserve on Tuesday raised interest rates for the fifth time since June and signaled it was likely to keep pushing them higher at a “measured” pace in the new year.
The latest quarter-point increase raised the federal funds rate, the interest that banks charge each other, to 2.25 percent, more than double the 46-year low of 1 percent in effect when the Fed kicked off its credit-tightening campaign six months ago.
The increases have been designed to back off slowly from the exceptionally low interest rates the central bank had put in place over the previous three years as it battled a bursting stock market bubble, a recession and the Sept. 11 terrorist attacks.’
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