From refinancing debts to rebalancing portfolios, here are a few things you should be considering for your own finances as the Federal Reserve has made the largest rate hike in over 30 years.
The Federal Reserve recently raised its benchmark federal-funds rate by 0.75%. This is the largest increase in over 30 years and was done as part of their efforts to curb the high inflation the U.S. is experiencing in 2022. This increase is part of a series of rate hikes the Fed had previously announced to help curb inflation.
So far the hot housing market across the country doesn’t seem to have cooled off very much. Continued Fed hikes could change this and impact both buyers and sellers. Buyers need to decide how much house they feel they can afford with the current interest rates and in some cases they may have to scale back the type of home they consider for purchase.
It’s important to have a long-term investing strategy. A key part of this strategy for most investors is their asset allocation. This is the percentage of their portfolio allocated to stocks, bonds and cash. Beyond these major categories, you will likely have an allocation for sub-asset classes such as large and small-cap stocks, growth and value, domestic and non-U.S. holdings as well as one or more varieties of bonds.
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