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Federal Reserve To Raise Interest Rates

By Wes Martin

Posted December 16, 2015

The Federal Reserve will raise interest rates for the first time in nine years Wednesday, and that decision could make an impact on Hoosiers' finances.

The Federal Open Market Committee is expected to announce a .25-percent increase to the federal interest rate on Wednesday afternoon.

That will be the first time in nearly a decade the Fed has moved to raise the rate at which banks borrow cash from the reserve.

Indiana University Assistant Professor of Finance Kristoph Kleiner says that rate hike, although very small, will effect everything from student loans to mortgages.

"Usually the student loans that have gone through the government are fixed rate loans, so those wouldn't see any effect unless you're getting new ones," he says. "But the private loan market is generally adjustable rate, so every time the Fed changes their rates, those rates will likely change."

The federal interest rate has been at nearly 0 percent since December 2008, when the U.S. found itself in the midst of the Great Recession.

Investors have long been expecting a hike, but the real question, Kleiner says, is how soon the next hike will take place.

"So usually I think that's decided about once every three months, so it probably won't be exactly tomorrow, but in the next couple of months you actually will see an increase," he says.

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