Last week, the Federal Reserve raised interest rates again by half a percentage point, the most significant raise since 2000, to help fight rising inflation. While the hike was expected, concerns continue that increasing interest rates could eventually lead to a recession, either late in 2022 or early 2023. The rate hike will soon lead to higher rates for credit cards and bank loans for small businesses. On the flip side, rates for savings accounts will increase.  

Source: CNBC.com