{
  "id": 7846493,
  "title": "Fed rate hike will likely push borrowing costs on credit cards, mortgages",
  "url": "https://urgent.news/2026/09/16/fed-rate-hike-will-likely-push-borrowing-costs-on-credit-cards-7846493",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-16T18:52:04.000Z",
  "source": {
    "name": "The Korea Times",
    "slug": "the-korea-times-koreatimes",
    "url": "https://www.koreatimes.co.kr/world/20260917/fed-rate-hike-will-likely-push-borrowing-costs-on-credit-cards-mortgages"
  },
  "original_language": "en",
  "account": "The Federal Reserve increased the cost of money by a quarter-point on Wednesday, marking the first rate hike since the summer of 2023. This move, aimed at curbing inflation, is likely to make borrowing for homes, autos and other purchases more expensive. However, savers can expect to earn a bit more interest on their savings. The Fed's target interest rate now stands at a range of 3.75 percent to 4.00 percent. Inflation, which has remained above the Fed's 2 percent target for over five years, is the primary reason for this rate increase. In August, consumer prices rose by 3.4 percent compared to a year earlier, with the monthly increase quadrupling from July to reach 0.4 percent. The aim is to slow consumer and business spending by raising borrowing costs, thereby reducing demand for goods and services and cooling the economy to reduce upward pressure on prices.",
  "summary": "WASHINGTON — The Federal Reserve just raised the cost of money — bad news for borrowers, good news for savers. The Fed increased its benchmark interest rate Wednesday by a quarter-point, the first rate hike since the summer of 2023. The hike will likely make it even costlier to borrow for homes, autos and other purchases. But if you've been socking money away, you’ll probably earn a bit more…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 7,
    "also_reported_by": [
      {
        "outlet": "Business Standard IN",
        "title": "US stock market: Nasdaq, S&P 500 climb ahead of keenly awaited Fed decision",
        "url": "https://urgent.news/2026/09/16/us-stock-market-nasdaq-s-p-500-climb-ahead-of-keenly-awaited-fed",
        "published": "2026-09-16T14:46:43.000Z"
      },
      {
        "outlet": "Seeking Alpha News",
        "title": "Robinhood traders beef up stock buys in run-up to Fed decision",
        "url": "https://urgent.news/2026/09/16/robinhood-traders-beef-up-stock-buys-in-run-up-to-fed-decision",
        "published": "2026-09-16T16:32:44.000Z"
      },
      {
        "outlet": "The Korea Times",
        "title": "Wall Street holds steady ahead of Fed's decision as oil prices and bond yields ease",
        "url": "https://urgent.news/2026/09/16/wall-street-holds-steady-ahead-of-feds-decision-as-oil-prices-and",
        "published": "2026-09-16T17:42:04.000Z"
      },
      {
        "outlet": "CFO Dive",
        "title": "Fed hikes main interest rate by quarter point, citing stubborn inflation",
        "url": "https://urgent.news/2026/09/16/fed-hikes-main-interest-rate-by-quarter-point-citing-stubborn",
        "published": "2026-09-16T17:57:31.000Z"
      },
      {
        "outlet": "Hindustan Times - World News",
        "title": "US Fed Rate Hike: Why Wall Street expects more hikes and what it means for stocks",
        "url": "https://urgent.news/2026/09/16/us-fed-rate-hike-why-wall-street-expects-more-hikes-and-what-it-means",
        "published": "2026-09-16T18:13:04.000Z"
      },
      {
        "outlet": "FXStreet",
        "title": "The Dow Jones' 30 corporate borrowers eat a Fed rate hike",
        "url": "https://urgent.news/2026/09/16/the-dow-jones-30-corporate-borrowers-eat-a-fed-rate-hike",
        "published": "2026-09-16T18:15:09.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}