The last time the Federal Reserve raised its benchmark interest rate by one-half of one percent, Bill Clinton was still president.
But, all indications are that the Fed policymakers will announce a half-point hike tomorrow, at the conclusion of their latest two-day meeting.
Bankrate.com Chief Financial Analyst Greg McBride said an increase of 50 basis points would not only be the first in 22 years, it would also mark the first time for the Fed to raise rates in consecutive meetings since 2006. It announced a quarter-point hike at the last gathering in March.
McBride said the Federal Reserve is "behind the inflation curve and trying to play catchup." He anticipates more half-point hikes in the next few months.
What does the latest Fed action mean for homebuyers and savers? McBride discussed that with KRLD's Chris Sommer.
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