How an interest rate hike impacts you

CBS News business analyst Jill Schlesinger discusses the implications of the Federal Reserve's decision to increase interest rates for the first time since 2023. The analysis focuses on how this specific interest rate hike will directly impact the finances and wallets of Americans. By examining the Federal Reserve's monetary policy shift, Schlesinger explains the broader economic consequences for individual consumers and the general financial landscape as the country adjusts to these higher borrowing costs.