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Interest rates expected to spike next year

Federal Reserve announces cutbacks on Wednesday
Interest rates expected to spike next year
Posted at 11:15 AM, Dec 16, 2021
and last updated 2021-12-16 12:16:22-05

Americans will likely see interest rate hikes in the new year as the Federal Reserve tries to address inflation.

The fed is expected to raise interest rates at levels higher than projected in September.

Last month, the central bank announced it was easing its monthly asset purchases.

On Wednesday the fed announced cutbacks would happen more rapidly.

It's expected interest rates will increase by nine-tenths of a percent next year.