The Federal Reserve has raised interest rates sharply over the past 15 months, and officials have signaled that perhaps two more quarter-point hikes are coming. A new University of Hawaiʻi Economic Research Organization ( UHERO ) blog by Senior Research Fellow Byron Gangnes examines how interest rates compare with past Fed tightening episodes, and how high the rates are considering the state of the U.S. economy. Nominal vs . real interest rates The interest rate you pay or earn is called a nominal interest rate, that is, an interest rate measured in plain dollars.

https://www.hawaii.edu/news/2023/07/14/are-interest-rates-really-high

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