Who's Raising Your Rates?

The Federal Open Market Committee, that's who--the most influential group you've never heard of

Who are these guys, and why are they jacking up the nation's rent, so to speak, by raising the cost of credit-card, car-loan, home-mortgage and other debt?

In one sense, last week's stiff interest-rate hike by the Federal Reserve's little known Federal Open Market Committee was a no-brainer, given the still sizzling growth of the U.S. economy. But in another sense, the panel's increase in the so-called federal-funds rate from 6% to 6.5% marked a spectacular wager on your future, with your money, by 10 unelected and largely unknown officials operating behind closed doors. By raising the rate that underpins most...

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