Weekend reads: How to manage your finances when inflation is high and interest rates keeping shooting up

Weekend reads: How to manage your finances when inflation is high and interest rates keeping shooting up

Financial markets have reacted in shock to the Federal Reserve’s strengthened vow to continue tightening of monetary policy to fight high inflation. The S&P 500 has declined 10.5% over the past month and the average interest rate on a 30-year mortgage loan has increased to 6.29% from 6.02% in only one week, according to Freddie Mac. A year ago, the average rate for a 30-year loan was 2.88%. Federal Reserve Chairman Jerome Powell said this week that fighting inflation will …