Rising interest rates causes inflation and this is basically an economic phenomenon. But what does it mean for the economy? Inflationary pressures are likely to increase as the "hawks" in the Federal Reserve (Fed) continue to raise their interest rate forecasts, according to the latest minutes of their recent meeting. It's unclear whether this will be enough to fuel another round of inflation. The Fed raised its benchmark overnight loan rate by a quarter of a percentage point last month and many economists expect that it will raise rates again at its next meeting on Wednesday.

Every time banks raise interest rate it has huge impact on borrowing cost.

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