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This action by the nation’s central bank stands to affect every consumer for better or for worse. Orhan Cam / Shutterstock.com
In a surprise to no one, the Federal Reserve voted on Feb. 1 to raise its target range for the federal funds rate. The increase of 25 basis points (0.25 of a percentage point) is the smallest hike since March 2022 but is hardly expected to be the last hike of 2023. It puts the target federal funds rate in a range of 4.5% to 4.75% — the highest it’s been since 2007. It’s not the usual blah, blah…
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