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How steep fed rate hikes affect your finances
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A help wanted sign in a storefront, Tuesday, Nov. 1, 2022, in Bedford, N.Y. The Federal Reserve may reach a turning point this week as it announces what's expected to be another substantial three-quarter-point hike in its key interest rate. The Fed's hikes have already led to much costlier borrowing rates, ranging from mortgages to auto and business loans. - photo by AP Photo/Julia Nikhinson
NEW YORK (AP) — Mortgage rates continue to jump, home sales slump and credit cards and auto loans increase. Savings rates are slightly juicier, though. As the Federal Reserve steadily increases interest rates, many economists say they fear that a recession remains inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation.