We could see Three Fed Rate Hikes in 2018

Jerome Powell, the president's nominee to become the new Federal Reserve chairman, says he expects to raise rates in 2018. What does that mean for you and me?

Tate Lacey is an economic policy analyst at the Cato Institute.

"For average consumers a rise in the Federal Funds Rate, that's the policy rate the Fed targets, you could see an increase in your ability to get credit, you could see it in mortgage rates."

But Lacey says loans for cars and houses are also based on your credit history -- not necessarily Fed policies.

"Obviously, say, with something like your mortgage or credit cards or if you're getting a car loan, there's going to be a credit analysis that takes into account a particular person's past."

 Although he's expected to be similar to Janet Yellen, Jerome Powell, who would replace Yellen in February, says he supports legislation to repeal banking regulations enacted by the Obama administration.

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