There's plenty of Skepticism about a Fed Rate Hike

We'll find out next month if the Fed thinks the economy is strong enough to raise the interest rate that affects car and home loans. Many experts say the answer is no.

America's Money Answers Man Jordan Goodman is one of those experts.

"I do not think the Fed has enough reason to raise rates at their September meeting."

Goodman says the Fed may not want to raise rates in the near future, either.

"They want at least 2% inflation and the latest numbers have been about 1.7%; and we've had weak oil prices, the dollar falling -- all kinds of reasons why inflation's not picking up, so I just don't see a big for them to be raising rates."

Goodman says Janet Yellen's term as Fed chairman ends in January and President Trump will replace her with his own man, who probably won't want to raise rates much in 2018.

"I think anybody Trump would appoint would in general have an inclination not to raise interest rates as much as Yellen would; Yellen has talked about raising rates as much as three times in 2018."

Goodman says if we see a rate hike this year it could happen in December. It would mean a higher interest rate for car and home loans.

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