Federal Reserve hikes key rate for 1st time in 3 years, potentially raising credit card, loan payments

For the first time in three years, the Federal Reserve has raised interest rates. Rates will now go up by a quarter of a percentage point, due to the stubbornly high inflation that remains well above the Fed's two percent goal. Federal Reserve Chair Kevin Warsh said the decision was unanimous. KYW Newsradio's Vik Raghupathi spoke to local economics experts to learn how this affects consumers. (Photo: Mark Schiefelbein/AP Photo)