Who are the winners and losers of the Fed hiking interest rates?

With inflation still sky-high, the Federal Reserve announced Wednesday it would raise interest rates by 0.75%, the largest increase since the 1990s. (Spencer Platt/Getty Images)

The Federal Reserve has hiked its benchmark interest rate by 0.75%.

But what does that actually mean for hundreds of millions of Americans – Americans who have jobs, who buy things, who have bank accounts?