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John W. Diamond, Director of the Center for Public Finance at the Baker Institute, Rice University

US consumers and businesses are now facing a future of more expensive borrowing

United States Inflation Kevin Warsh Economy Interest Rates US Federal Reserve
Federal Reserve Chair Kevin Warsh has recently emphasized the importance of bringing inflation back down to its target of 2%. AP Photo/Mark Schiefelbein

From mortgages to auto loans to credit cards, borrowing is set to get even pricier.

But the Federal Reserve’s decision on Sept. 16, 2026, to hike its baseline interest rate also highlighted an increasingly confounding dilemma: It can raise the price of money across the economy, but it can’t determine which sectors are most affected.

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