Consumer Credit Is Expanding Even While the Fed Pushes up Interest Rates

On July 26, 2023, the Federal Reserve raised interest rates by a quarter of a percentage point. By the time you read this, your credit card interest rate will probably have increased for your September statement. When headlines talk about the Fed raising interest rates, the annual percentage rate (APR) used to calculate your credit card interest is likely to increase by the same amount. The Federal Open Market Committee (FOMC) is signaling another increase