Here’s what the Federal Reserve’s 0.75 percentage point rate hike — the highest in 28 years — means for you

  The Federal Reserve raised its target federal funds rate by 0.75 percentage points, the largest increase in nearly three decades, at the end of its two-day meeting Wednesday in an effort to quell runaway inflation. “The motivation for all of this is that prices are going up,” said Chester Spatt, a professor of finance at Carnegie…