(WXYZ) — In tonight's 7 UpFront segment we're looking at how the war in Ukraine could affect the Federal Reserve as they meet tomorrow when they are expected to raise interest rates for the first time since 2018.
We're being joined by University of Michigan Economist Richard Curtin to discuss what to expect.
You can see the full interview in the video player above.
"The Fed is likely to announce a quarter point interest (rate raise) tomorrow and that will increase the Fed Funds Rate to less than 1/2 of one percent, so it's not a big change and most consumers, nine in ten consumers, expected interest rate increase from January through the current month," Curtin says. "I think that the issue here is how it will affect purchases. Well, you know, the main story that consumers will get from this release is that they expect interest rates to continue to rise throughout this year and perhaps throughout next year as well."