That’s worth noting because the person chosen to head the Fed can have significant influence on the economy. The Fed’s power to adjust interest rates up or down can keep inflation under control and employment strong, or it can have the opposite effect. If that’s the case, consumers can expect interest rates on credit cards and loans to continue moving upward at a slow and steady pace. Often, the Fed nudges that rate up to help cool off the economy by making money more expensive to borrow. The Fed knows a booming economy calls for higher interest rates to keep growth steady and inflation in check.

Source: Forbes December 05, 2017 19:18 UTC