Federal Reserve raises key short-term interest rate by three quarters of percentage point, the largest hike since 1994. The Fed’s hike Wednesday and its new projections are expected to ripple through the economy, sharply pushing up rates for credit cards, home equity lines of credit and mortgages, among other loans. Normally, the Fed nudges up rates to contain inflation. But it now runs the risk that big rate increase will topple an already-slowing economy into recession by next year. Click the link in our bio for more on how the rate hike could affect you.