The Marriner S. Eccles Federal Reserve building in Washington.Stefani Reynolds/Bloomberg via Getty ImagesAfter a pause last month, experts predict the Federal Reserve likely will raise rates by a quarter of a point at the conclusion of its meeting next week.Fed officials have pledged not to be complacent about the rising cost of living, repeatedly expressing concern over the impact on American families.Although inflation has started to cool, it still remains well above the Fed’s 2% target.More from Your Money:Here’s a look at more stories on how to manage, grow and protect your money for the years ahead.Since March 2022, the central bank has hiked its benchmark rate 10 times to a targeted range of 5%-5.25%, the fastest pace of tightening since the early 1980s.Most Americans said rising interest rates have hurt their finances in the last year: 77% said they’ve been directly affected by the Fed’s moves, according a report by WalletHub. Roughly 61% said they have taken a financial hit over this time, a separate report from Allianz Life found, while only 38% said they have benefitted from higher interest rates.”Rising interest rates can sometimes feel like a double-edged sword,” said Kelly LaVigne, vice president of consumer insights at Allianz Life. “While savings accounts are earning more interest, it is also more expensive to borrow money for big purchases like a home, and …
