Inflation Creeping into Personal Finances

If you have a balance on a credit card or an adjustable-rate mortgage, you might be noticing changes in your payments. Higher interest rates are starting to ripple through the personal finance landscape, and it doesn’t look like that trend will change anytime soon.

The Federal Reserve has indicated it plans to keep raising short-term interest rates to help manage inflation, which is at its highest level in 40 years. You’re likely seeing the effects of inflation when buying gas or groceries, and you’ll notice it if you are shopping for a new or used car.

The Federal Reserve’s job is to control inflation. The Fed hopes to slow spending by raising interest rates. Time will tell whether higher interest rates will prompt us to consider changes to your portfolio. Remember, your overall strategy considers that the economy will have transition periods. Using our proprietary process, the Smart Money™ method we plan for the inevitable ups and downs of markets.

If you have any questions about inflation or interest rates, please contact us via text, email, or phone. We’re always here to help put things into perspective.