Richard Warr on How Rising Interest Rates Affect Different Areas of Your Life
Richard Warr, associate dean for faculty and research, breaks down the tremors sent through global markets last month by the Federal Reserve as they announce plans to raise interest rates twice by 2023. Warr says people can expect to see effects in savings accounts, transportation, the housing market and loan refinancing.
“There is so much going on, coming out of the pandemic, they’re saying, ‘let’s see how this is going to play out in the short run,’” said Warr. “Maybe prices will have calmed down and we can make a more rational decision then.”
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