Andy Field ABC News - November 2, 2022 - KRDO’s Afternoon News

The Federal Reserve is set to raise interest rates again today by an estimated three-quarters of a percentage point. The goal is to curb high prices. Outstanding credit card balances will be affected, and the move also comes as mortgage payments are at highs not seen in decades. Mounting evidence suggests that previous rate hikes have slowed key areas of the economy but inflation remains highly elevated. The move would mark the latest in a string of borrowing cost increases imposed by the Fed in recent months as it tries to slash price increases by cooling the economy and choking off demand. But the approach risks tipping the U.S. into a recession and putting millions out of work.