The Fed Raised Rates Again. Here's Why It Pays to Move to an Online Bank

The Fed Raised Rates Again. Here's Why It Pays to Move to an Online Bank
·3 min read

In June, the Federal Reserve raised its benchmark interest rate by 0.75%, signifying the largest rate hike in decades. The reason the Fed is raising rates to such an extreme is that it wants to slow the pace of inflation. By raising interest rates, the Fed is hoping to make borrowing expensive enough that it prompts consumers to cut back on spending to a modest degree.