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The Federal Reserve Hiked Interest Rates to Combat Inflation: Here's What That Means for You

Witthaya Prasongsin | Moment | Getty Images

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.

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