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The Federal Reserve is said to accelerate major interest rate hikes to combat increasing inflation.

The Fed comes together Wednesday for their latest rate-setting meeting. It is expected that they will act aggressively to slow price spikes by making it pricier for anyone to get a loan for a car, home, business, and to use credit cards.

It is predicted that the benchmark short-term interest rate will rise by half a percent. This is the biggest rate hike since 2000.

Dr. Matt Will, economist with the University of Indianapolis, joined Tony Katz Tuesday to discuss what Hoosiers can expect from the rapid increase in rates.