The Federal Reserve just raised interest rates for the first time since 2023, and they hinted at 1 more rate hike possibly this year. How does that change your money? Here are 4 ways: #1: your credit card, HELOCs, and adjustable rate loans are tied to the prime rate, and they are going to get more expensive within 1-2 cycles. If you carry a credit card balance, paying it down now is the best guaranteed return you can get. #2: our high yield savings should earn more if your bank passes the rate on. Currently high yield rates are on average 3.25-3.5%, but we may see it go up .25% higher in the next week or two. Of course, short-term Treasury bills pay a similar rate, and you don’t owe state tax on the interest. So that’s another option. In any case, if you have idle cash - it should be earning something. #3: Mortgage rates have already been adjusted weeks prior because those are more correlated with the 10-year treasury, not the Fed rate hike directly. So refinancing doesn’t make muc...