(WTNH) — Another blow to our bottom line, the Federal Reserve announced a rate hike in an effort to tame inflation.
New figures show that companies are still hiring, despite looming concerns about an economic slowdown. Private companies added about 239,000 jobs last month while wages increased nearly 8%.
On Wall Street, stocks are tumbling after the Federal Reserve raised interest rates for the sixth time this year. They’re trying to cool the economy and bring down spending.
Fed Chairman Jerome Powell said it’s too soon to speculate when the Fed will pause interest rate hikes, suggesting that rates could go even higher than expected.
“We think there is some ground to cover before we meet that test. That’s why we say ongoing rate increases will be appropriate,” said Powell. “We may move to higher levels than we thought.”
Meanwhile, inflation is hitting food prices especially hard.
In response, grocery chain Aldi is giving its customers an extra reason to be thankful this Thanksgiving. It’s re-setting prices on Thanksgiving staples, turning back the clock, and selling them at “2019 prices.”
Aldi said it wants to show its commitment to customers who may be struggling.
The rate increase will surely impact you if you’re taking on a new mortgage and also if you carry credit card debt.
On average, it may cost you an extra $1,500 if you only make the minimum payment on a $6,200 balance. So, this is a reminder to make more than the minimum payment whenever you can.