The Fed is set to hike rates again. Here's what it means for your money.

Economists expect the central bank to boost rates by 0.75% on Wednesday, affecting everything from home loans to credit cards.

the market swooned

That being said, it's likely that investors on Wednesday will be keyed into what Fed Chairman Jerome Powell signals about the path of future rate hikes. "2022 has been a pretty brutal year for folks with credit card debt, and unfortunately it is likely to get worse before it gets better," he said in an email.

However, it's possible that mortgage rates may not move significantly following the Fed's decision, he added."Remember that while the Fed's actions do impact mortgage rates, it doesn't directly set them," Channel noted.If there's one bright spot from the Fed rate hike, it's the impact on savings accounts and certificates of deposit.

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