The Fed is expected to raise interest rates for the first time in 3 years

The Fed is widely expected to raise its benchmark interest rate to combat stubborn inflation. That could make it more expensive to borrow money to buy a car or carry a balance on a credit card.

<img src='https://npr.brightspotcdn.com/dims3/default/strip/false/crop/3893x2595+0+0/resize/3893x2595!/?url=http%3A%2F%2Fnpr-brightspot.s3.amazonaws.com%2Fad%2Fb3%2Fa5951f934fce9932f4dc530bbac3%2Fgettyimages-2288203975.jpg' alt='Federal Reserve Chairman Kevin Warsh and his colleagues are widely expected to raise their benchmark interest rate Wednesday, in an effort to tamp down demand and bring prices under control.'/><p>The Fed is widely expected to raise its benchmark interest rate to combat stubborn inflation. That could make it more expensive to borrow money to buy a car or carry a balance on a credit card.</p><p>(Image credit: Win McNamee)</p><img src='https://media.npr.org/include/images/tracking/npr-rss-pixel.png?story=nx-s1-5968724' />