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What rising interest rates mean for you

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What rising interest rates mean for you

The Federal Reserve on September 21 raised the overnight bank lending rate to a range of 3% to 3.25%. For consumers, the Fed's move will spur the question of where to park their savings for the best return and how to minimize borrowing costs.

In its continued bid to quash high inflation, the Federal Reserve on Wednesday raised the overnight bank lending rate to a range of 3% to 3.25%.

It is the fifth increase by the US central bank in six months and its third consecutive 75- basis-point hike, which will put upward pressure on other interest rates throughout the economy.

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