- The Fed raised its key short-term rate from near zero by a quarter percentage point in March.
- On Wednesday, the central bank is set to push it up another half point, its largest bump in 22 years.
- The move will drive rates higher on everything from credit cards to mortgages.
Just six weeks ago, Americans were facing sharply higher borrowing costs as the Federal Reserve launched an aggressive campaign of interest rate hikes to curb soaring inflation.
Now the Fed is putting those rate increases on steroids, and consumers will have to dig even deeper into their wallets to pay off loans.