How Rising Interest Rates Will Affect Consumers and the Economy

Interest rates are on the rise. Last week, the Federal Reserve voted to raise rates by a quarter point.

It’s just the third time since the Great Recession the agency’s done so. And it comes after expected rate hikes last year never materialized, over concerns the economy was still sluggish.

The rate hike is a sign of optimism over growth in the U.S. economy. But how will it impact borrowing, like mortgage and credit card rates?

Joining Chicago Tonight to discuss that and more are Tassos Malliaris, professor of economics and finance at Loyola University Chicago’s Quinlan School of Business; and Steven Esposito, senior vice president and wealth advisor with Morgan Stanley in Lake Forest.

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