The Federal Reserve recently raised interest rates by three-quarters of a percentage point, the most aggressive hike since 1994. This rise puts the key benchmark federal funds rate at a range between 1.5 and 1.75%.
The Fed's intention is to help combat inflation.
Watch this video to find out what rising interest rates mean for you.
We're making it easier for you to find stories that matter with our new newsletter — The 4Front. Sign up here and get news that is important for you to your inbox.
Copyright CNBC