Federal Reserve plans to raise interest rates ‘soon’ to fight inflation: What that means for consumers and the economy

PROMO 64J1 Finance - Interest Rates Graph Chart Increase Rise Percent - iStock - G0d4ather

The Federal Reserve on Jan. 26, 2022, signaled plans to begin raising interest rates "soon" - possibly in March - in a bid to tamp down inflation before it poses a serious risk to the U.S. economy.