The cost to borrow is very expensive. Here are the best money moves to make after the Federal Reserve’s interest rate hikes

In this articleCTRNThe cost of borrowing is getting more expensive for American households.With Wednesday’s 0.75-percentage-point interest rate hike, the Federal Reserve has raised benchmark short-term borrowing rates 225 basis points, or 2.25%, since March in an effort to curb unrelenting inflation.The federal funds rate, which is set by the U.S. central bank, is the interest rate at…