Interest Rates Moving Higher

Interest rates have been on the increase causing concern for the costs of borrowing money and how much money a Missouri household should be spending. The Federal Reserve has recently raised interest rates to 5.15%, which is the highest it’s been in 16 years. Jackson Hataway, president of the Missouri Bankers Association explains what that means…

With the rise of interest rates, there’s a higher chance of a recession happening, in addition to continuing stock market instability. The Federal Reserve says that they want to set interest rates to help stabilize the rapidly increasing inflation. There is a chance the interest rates could be raised again sometime this year.

(From Missourinet)