Understanding what the Federal Reserve’s interest-rate hike means for you

Interest rates are the highest they’ve been in more than two decades.

CHARLOTTE, N.C. (QC Life) - The Federal Reserve decided to raise interest rates yet again on Wednesday, bringing them to their high levels in more than two decades.

CBS News Business Analyst Jill Schlesinger joined the show to talk about how the rate hike could impact consumers.

Despite the decision to increase interest rates, the United States economy has shown signs of growth, and the stock market has rebounded from a dismal performance last year.

Be sure to listen to our full conversation above to learn more.

Related: Data shows inflation is down. Is there still concern for a potential recession?