Interest rates are climbing, driving prices higher for everything from homes to cars to credit cards. With the Federal Reserve on tap to raise rates further, how high can they go?
As the Federal Reserve prepares to make another decision on interest rates, market participants are in tune with the recent mandate telegraphed by policymakers to keep rates higher for longer. The 10-year Treasury yield is already hovering near 5%, a 16-year-high. Mortgage rates for a 30-year fixed are nearing 8%, new car loans are at 7.4% and used cars at 11.4%, as tracked by Edmunds.com.
The Fed, on Wednesday, is expected to leave rates unchanged but likely leaving the door open for one more rate hike at the December meeting. Despite another likely rate hike, Solomon noted the U.S. economy can hold its own. "I think one of the great tailwinds we have as an economy is most Americans who own homes put themselves in long-dated mortgages that have fundamentally low rates locked in for a long time" he noted.
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