The Daily Money: The Fed is expected to raise interest rates again

The Federal Reserve is expected to raise its short-term interest rate for the eighth time, but not as significantly as previous hikes. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Wednesday, February 1 If you're living for the weekend, we're halfway there! It's Charisse Jones with the Daily Money headlines for Wednesday.   The Federal Reserve will announce later today whether it's raising its short-term interest rate for the eighth time. The Fed is expected to boost the rate by a quarter percentage point, a move that's in line with the central bank's typical pattern, but far less than the more aggressive increases it began rolling out in March 2022 when inflation began to soar. Prices are still high but are decreasing, with annual inflation slipping to 6.5% in December for the sixth month in a row according to the Consumer Price Index. Consumers likely to still feel the pain of previous rate hikes Even if the Fed's interest rate increase is lower than recent hikes, many consumers are unlikely to feel much relief. The cost of carrying a credit card balance has reached record highs, and mortgage rates remain the steepest they've been in over 10 years. And 1 in 4 Americans would rely on a credit card paid off over time if they had to deal with a $1,000 emergency according to a recent Bankrate survey. That was the largest number since Bankrate began asking the question nearly a decade ago.  MIAMI, FLORIDA - JANUARY 31: An Exxon sign hangs at a gas station on January 31, 2023 in Miami, Florida. Exxon Mobil Corp. reported its highest-ever annual profit last year of $55.7 billion (Photo by Joe Raedle/Getty Images) ORG XMIT: 775934613 ORIG FILE ID: 1461166968 Joe Raedle, Getty Images 📰 More stories you shouldn't miss 📰 Millions may lose Medicaid. Millions of low-income Americans may lose health benefits through Medicaid as extra federal funding put in place during the pandemic is phased out.  Exxon Mobil sees record profits. The oil giant reaped $55.7 billion in profits last year, the most in its history.  What's the mileage rate to use when filing your taxes? There's more than one number to be aware of as you file your 2022 federal income tax returns. Google goes to the Supreme Court. The justices will take up the controversial law that shields Big Tech companies from legal liability for most of the content users post on their sites.  About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you. Follow Charisse Jones on Twitter: @charissejones. When is the next Federal Reserve rate hike? Here's what to expect The next Federal Reserve meeting will be held January 31 to February 1. December's meeting raised the interest rate range by half a percentage point. Smaller Fed rate hikes won't be much solace for those with debt. As pandemic-era provisions lapse, millions of Americans to lose... After year of high gas prices, Exxon Mobil reports record annual... What to know to claim mileage deductions on your 2022 tax returns Real estate agents are turning to ChatGPT to write listings 1 chart: How much mortgage rates, car loans jumped in just one year Child Tax Credit, Dependent Care Credit: What new parents can claim... What is OASDI tax? Social Security tax explained. Gas stove bans: What's so bad about gas stoves?   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102