How the Fed’s steep rate hikes stand to affect your finances

By CORA LEWIS
Associated Press

NEW YORK (AP) — Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though. Yet many economists say they fear that a recession is inevitable in the coming months — and with it, job losses that could cause hardship for households already hit worst by inflation. Even before the Federal Reserve acts again Wednesday to sharply raise its key short-term rate – a third straight three-quarter-point hike is likely to be announced – its previous rate hikes are being felt by households across the economy.