The secret plan to fight inflation: what happens when interest rates go up?

With apologies to Josh Lyman, the secret plan to fight inflation isn't that secret after all: raise interest rates. The Federal Reserve has already raised interest rates a couple of times this year, and more rate hikes are on the horizon. So what else happens when rates go up? Will the Fed's actions result in any other real impacts on regular Americans? What does it mean for people buying or selling a house? Or for how much interest your bank account accumulates? We had a lot of questions about the impacts and ripple effects of these rate hikes so we caught up with Dr. Elizabeth Cooper, Professor of Finance at La Salle University to break it all down.