One thing about the Federal Reserve is that they like to forecast their moves before actually making them. They do not like to surprise the financial community because then you are certain to have craziness in the markets. This past week, the Federal Reserve raised interest rates for the first time since 2018, which was widely expected. Further, the Federal Reserve also made it clear that they plan to increase interest rates as many as seven more times this year.
Now that the Federal Reserve has let it be known what they plan to do over the remainder of the year, what does it all mean for your personal finances? Host Lou Scatigna, CFP® explains in this segment from The Financial Physician.