The Federal Reserve on Wednesday lifted its key interest rate from 1.5 percent to 1.75 percent, the highest level since 2008. Higher rates are likely to be welcomed by savers but not by borrowers, who will face more expensive loan terms. Despite Wednesday's move, U.S. interest rates are still far lower than the historical norm of about 5 percent. Rising interest rates are typically good for savers, who are likely to receive higher interest on the savings they have in the bank. Americans with credit card debt are especially vulnerable to rising interest rates.

Source: Washington Post March 21, 2018 18:00 UTC