Federal Reserve Rate Hikes Impact

A man pushes his hotdog mobile shop along Fifth Avenue on Wednesday, July 27, 2022, in New York. he Federal Reserve raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. In turn, consumers and businesses will likely borrow and spend less, cooling the economy and slowing inflation. (AP Photo/Andres Kudacki)