How Do Increased Interest Rates Impact You?

“Short-term interest rates are higher after the Fed raised rates Wednesday by a quarter point, to a range of 2.25 percent to 2.5 percent. It’s the fourth rise this year and the highest level since 2008. The Dow closed down almost 352 points after the announcement, the lowest close of the year. CBS News business analyst Jill Schlesinger joins “CBS This Morning” to discuss how the rate rise affects Americans. ”

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