How will the Fed’s interest rate hike affect costs, the midterms?

The Federal Reserve voted to raise its benchmark interest rate for the first time in three years. That means it will cost more to borrow money - at a time when many people are feeling squeezed by high prices. How could the Fed's decision affect people's finances and the midterms? This episode was produced by Gurjit Kaur and Karen Zamora, with audio engineering by Tiffany Vera Castro. Our director is Jonas Adams. It was edited by Rafael Nam, Kelsey Snell, Patrick Jarenwattananon and Tinbete Ermyas. Our interim executive producer is Courtney Dorning. Support public media with NPR+ and enjoy perks for over 25 podcasts like this one.