Money Federal Reserve raises interest rate by 0.50 percentage point to curb inflation and predicts a higher peak December 14, 2022December 15, 2022Elisabeth Buchwald, Medora Lee and Paul Davidson, USA TODAYComments Off on Federal Reserve raises interest rate by 0.50 percentage point to curb inflation and predicts a higher peak The FOMC interest-rate decision is expected to ripple through the economy, driving up rates for credit cards, HELOCs, mortgages and other loans.