How the Fed’s steep rate hikes stand to affect your finances

— Eddie

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Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though. 

Many economists fear that a recession is inevitable in the coming months.  

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A third straight three-quarter-point hike is likely to be announced by the Federal Reserve. 

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The Fed's latest move is expected to raise its benchmark rate to 3.25%, the highest level in 14 years. 

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The US Federal Reserve is trying to reduce the amount of money in circulation, 

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which it hopes will lead to a reduction in the amount people are borrowing to buy their goods and services. 

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Inflation is the result of too much money "chasing too few goods," according to economist Milton Friedman. 

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Anyone borrowing money to make a large purchase, such as a home, car, or large appliance, will take a hit, said Scott Hoyt, an analyst with Moody’s Analytics. 

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