The Federal Reserve has already raised interest four times with three quarter point interest rate hikes, and another one is to be expected Wednesday.
This time it will be a smaller half point increase, according to the Associated Press. This is the first time it looks like the Federal Reserve is easing back as they still work to slow inflation.
The Federal Reserve has also announced that they will be planning more hikes next year than they had originally planned for.
Some things appear to be dropping in price, which is what the overall goal was. This includes the cost of gas, used cars, furniture, toys, hotels, flying, and renting a car.
The multiple interest hikes that have already happened in 2022 have caused borrowers to see much higher interest rates on things like mortgages, car loans and business loans. Experts are growing worried that this may cause a recession in 2023.