What the Fed's consecutive 75-basis-point rate hikes mean for you

The Federal Reserve raised interest rates by another 75 basis point to cool the economy.

This year, Fed officials have already raised benchmark short-term borrowing rates by 1.5 percentage points.

Including the largest increase in nearly three decades, a 75-basis-point increase in June.

The central bank has indicated that more increases are on the way until inflation shows clear signs of slowing.

The federal funds rate, which is set by the U.S. central bank, is the interest rate at which banks borrow and lend to one another overnight.

Although this is not the rate that consumers pay, the Fed's actions have an impact on the lending and saving rates they see on a daily basis.

Higher interest rates imply that savers will earn more money on their deposits.