We are all looking for clues about the next moves from the central bank and whether we can expect another super-sized rate hike of 75 basis points. The upcoming remarks from Fed presidents come after Friday’s jobs report showed that while the labor market is still going strong, job growth is slowing. Unemployment ticked upward as more people joined the labor force. Tomorrow, the central bank will also release its “Beige Book,” offering a look at the condition of the U.S. economy, which could give us all a better understanding of its strength. It’s overwhelmingly expected that the Fed will hike rates yet again on September 21, as policymakers continue to argue that the U.S. economy is strong enough to handle higher interest rates. So before rates are raised (again) it might be time for you to consider securing a home or car loan before the interest rates on those loans rise, making any money you borrow more costly in the long run. And if you’re struggling with credit card debt, it might be better to try and chip away at it now before higher rates make paying it off more difficult. This article originally appeared in ‘The Balance Today’ newsletter. You can get ‘The Balance Today’ delivered to your inbox daily, just sign up here.
