5 things to know about the Fed’s interest rate increase and how it will affect you

5 things to know about the Fed’s interest rate increase and how it will affect you: 5 things to know about the Fed’s interest rate increase and how it will affect you. The Federal Reserve is raising interest rates for the third time this year, on June 15, 2022, as it seeks to counter inflation running at the fastest pace in over 40 years.