Federal Reserve votes on raising interest rates

The Federal Reserve votes today on whether or not to raise interest rates.

COLUMBIA, S.C. (WOLO)— The Federal Reserve votes today on whether or not to raise interest rates.

The Chief Economist for Moody’s Analytics predicts the Federal Reserve will eventually respond to yesterday’s consumer price index report.

It shows November’s inflation rate was 7.3% a low not seen since last December.

Rate hikes mean people have to pay more interest on things like credit cards and mortgages.

The point of them is to lower prices, but that relief could trigger a recession.