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What You Need To Know About The New Interest Rate Hikes
The Federal Reserve’s interest rate increase is the first in a year and the second since the Great Recession of 2008 and although a quarter of a point may not seem like a lot, chances are you will feel it.
When it comes to moving the economy forward, President Trump and Federal Reserve Chairwoman Janet Yellen disagree on how to move the economy forward.
"What the President wants to do is increase the GDP. He wants to have inflation because he wants a growing economy. The Fed on the other hand wants to keep inflation low. So right now they are at opposing forces," said Jim Estes, a finance Professor at California State University San Bernardino.
Disagree or not, interest rates are going up and it will affect everything from home mortgages to auto loans and credit card rates.
"Those with bad credit are going to be affected much more adversely because as interest rates tighten, banks will be less inclined to lend to those with less than a sterling credit record. So it will get harder for them," said Estes.
For those looking to open up a business the interest rate increase will affect how much they will be able to borrow. But a couple from Palm Desert’s El Paseo Grill say they run their business a different way.
"We’re very fortunate, we run our business on a cash basis. We pay cash for everything that we purchase that comes in," said El Paseo Grill co-owner Carol Schalert. "But what affects the customer when they have less money does affects us that way."
Their concern has more to do with the companies they buy their products from.
"Some of the businesses that we buy things from, run their businesses that way, they might be paying a higher so wholesale prices could come along to us also I guess," Schalert said.
"They could charge more. The purveyors could be charging us more because their prices are going to go up because they’re borrowing money to buy the product to sell to us," said El Paseo Grill co-owner Chris Schalert.
Additional rate hikes are possible this year and into 2018. The next opportunity for the Fed to tinker with interest rates will be at its meeting in June.
By: News Staff
March 20, 2017
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