Federal Reserve expected to raise key interest rate again as inflation soars

If you’re already grappling with higher prices, your wallet may soon feel another strain.

In an effort to combat inflation, the Federal Reserve is trying to balance the scale by raising interest rates once again.

News 12 has been told the feds will likely raise interest rates by another three-quarters of a percentage point.  

That will bring the U.S. central bank to around 2.4%, which experts believe will deter people from spending and in turn bring down inflation. 

The feds have been increasing interest rate levels for some time. About four months ago, the rate sat at near 0.  

Experts are predicting another rate hike will be coming in September.  

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