Fed raises rates for first time since 2023, stocks tumble after Kevin Warsh's third meeting

  • Fed raised interest rates after Kevin Warsh's third meeting.
  • A single quarter-point increase will not immediately change Americans' bank balances.
  • Repeated rate increases could raise costs for mortgages, auto loans and credit cards.

The Fed raised interest rates for the first time since 2023, sending stocks tumbling after Kevin Warsh's third meeting. The single quarter-point increase is not expected to change Americans' bank balances immediately, but a sustained series of rate hikes could make mortgages, auto loans and credit cards more expensive.

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Fed raises rates for first time since 2023, stocks tumble after Kevin Warsh's third meeting - CoinPost Terminal