Editor
What the federal funds rate means to you
The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers pay, the Fed’s moves still affect the borrowing and saving rates consumers see every day.
“We’re certainly going to see the cost of borrowing escalate relatively quickly,” Spatt said.
With the backdrop of rising rates and future…
