The Federal Reserve is responsible for setting the interest rates in the US economy. When they raise their rates, this has an impact on other types of borrowing including credit cards, loans and adjustable-rate mortgages. By increasing or decreasing the rate it can help ensure that the economy remains stable and inflation levels remain low. 
When interest rates are raised, it becomes more expensive for individuals to borrow money and can lead to a decrease in consumer spending. At the same time, higher interest rates also encourage businesses to invest in growth as they become more attractive investments than savings accounts or bonds. Higher rates also help people save money, as the return on their savings will be higher. 
The Fed is constantly evaluating economic conditions and making decisions about when to alter the rate in order to maintain stability and foster prosperity throughout the US economy. As such, any changes made by the Fed have far reaching implications for all types of borrowers. It's important for those looking to make financial decisions that involve borrowing or saving money to keep an eye on what The Feds are doing with regard to interest rates so they can plan accordingly. 
By understanding how The Fed sets and changes interest rates, you can better understand the economic environment, anticipate changes,