--- title: What An Interest Rate Hike Could Mean For You | TIME description: For the first time since 2006, the U.S. Federal Reserve could raise short-term interest rates. canonical: https://time.com/video/tba1d7u8/ og:title: What An Interest Rate Hike Could Mean For You og:description: For the first time since 2006, the U.S. Federal Reserve could raise short-term interest rates. og:url: https://time.com/video/tba1d7u8/ og:image: https://cdn.jwplayer.com/v2/media/tba1d7u8/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: What An Interest Rate Hike Could Mean For You twitter:description: For the first time since 2006, the U.S. Federal Reserve could raise short-term interest rates. twitter:image: https://cdn.jwplayer.com/v2/media/tba1d7u8/poster.jpg?width=720 --- # What An Interest Rate Hike Could Mean For You > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: What An Interest Rate Hike Could Mean For You [Watch (HLS stream): What An Interest Rate Hike Could Mean For You](https://cdn.jwplayer.com/manifests/tba1d7u8.m3u8) (1:31)  _Published 2015-12-15. For the first time since 2006, the U.S. Federal Reserve could raise short-term interest rates._ --- Jul 27, 2023 7:20 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts](/video/txOKweLo/) ### Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts [Federal Reserve Raises Interest Rates by a Quarter of a Percentage Point](/video/udX0dXuW/) ### Federal Reserve Raises Interest Rates by a Quarter of a Percentage Point [Federal Reserve Raises Key Interest Rate and Signals More Increases May Come](/video/siygTCgJ/) ### Federal Reserve Raises Key Interest Rate and Signals More Increases May Come --- ## Transcript This week the Federal Reserve is expected to raise short term interest rates for the first time since 2006. The Fed's been mulling over the increase for a while now but the biggest thing you need to know is that if rates do up, there's no need to panic. All the short term rate really does is change the rate at which the Fed can buy and sell bonds which in turn regulates the money supply in the US economy. Since 2008 the government has kept rates near 0 %. Which helps combat things like unemployment by pumping more money through banks, but keeping the interest rates and the flow of money where its at now, could eventually start to hurt the country by fueling a whole new problem: inflation. So, what happens to you if short term interest rates do go up? Well, not much right away because raising rates is done gradually. Also many credit based transactions take advantage of fixed rates, meaning they stick with the original rate. For example, student loans tend to be offered at fixed rates. So are car loans and home loans, even credit cards will have promotional periods with extremely low fixed rates. Over time as interest rates begin to approach normal levels, These rates will go up, but it won't happen overnight. For those watching US stock markets, you may notice some volatility this week. Just like every other week analysts have speculated about the Fed finally bringing rates back up. That's just short- term anxiety, though, and it's thanks mostly to investors reactions and the thought of seeing lower profits And beginning to raise rates now could give the Fed the ability to readjust more down the road if our economy experiences another recession. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"What An Interest Rate Hike Could Mean For You","description":"For the first time since 2006, the U.S. Federal Reserve could raise short-term interest rates.","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/tba1d7u8/poster.jpg?width=720","uploadDate":"2015-12-15T18:42:46.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/tba1d7u8.m3u8","embedUrl":"https://time.com/video/tba1d7u8/","duration":"PT1M31S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/tba1d7u8/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```