What you need to know about the largest interest rate hike since 1994

A price hike of 0.75% doesn't sound like much, but it's monumental when you are talking about the federal interest rate hike. Wednesday's rate hike is the highest in 28 years, and its effect will be felt immediately in more ways than you might think. Consumer Investigator Hank Winchester is here to explain what this will mean for your bottom line.

Wednesday’s rate hike is the highest in 28 years.

According to reports, the Fed’s decision to impose a rate hike is to curb inflation’s pace and persistence.

Check out the story in the video player above for the full report.

Read more: Fed attacks inflation with its largest rate hike since 1994


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About the Authors:

Hank Winchester is Local 4's Consumer Investigative Reporter and the head of WDIV's "Help Me Hank" Consumer Unit. He works to solve consumer complaints, reveal important recalls and track down thieves who have ripped off metro Detroiters.

Elizabeth Washington is a Digital Producer and has been with Local 4 News since April 2022.