To me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target.
—Janet Yellen
We have sighted the enemy and he is us.
—Pogo
On July 26, 2023, the Federal Reserve raised interest rates by a quarter of a percentage point. By the time you read this, your credit card interest rate will probably have increased for your September statement. When headlines talk about the Fed raising interest rates, the annual percentage rate (APR) used to calculate your credit card interest is likely to increase by the same amount. The Federal Open Market Committee (FOMC) is signaling another increase this fall. This is a cost that will go unnoticed since it is expressed as a fractional increase in the monthly interest rate. But the

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