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| Good morning and happy Wednesday, Daily Money readers. It's Jayme Deerwester back with you. |
| A few hours from now, the Federal Reserve is expected to announce it's raising interest rates by another three-quarters of a point – or 75 basis points. If this sounds like déjà vu, it's because it did the same thing in June after consumer inflation accelerated to 9.1%. Some economists believe a full point raise isn't out of the question given that inflation jumped in nearly every category. |
| Wednesday's anticipated rate hike may not be the end of it, either: The Fed's generally expected to increase rates at every meeting for the rest of this year to get inflation closer to its 2% target. |
| The good news is that future hikes may get smaller. ING chief international economist James Knightley expects only 50-basis-point increases in September and November with a final quarter point in December. |
| Although the Fed doesn't directly control consumer interest rates, its rate increases ripple through the economy and ultimately, hit businesses and consumers and slow demand and inflation. |
| "It means your debt is going to get a lot more expensive in a hurry," says Matt Schulz, chief credit analyst at Lending Tree. |
More stories you shouldn't miss |
| Pharmacies and birth control: Will CVS let pharmacists refuse to fill prescriptions? |
| Shopify layoffs: E-commerce company cuts 10% of staff as consumer spending drops. |
| Monkeypox cases on the rise: How concerned should travelers be? |
| Who owns Apple? These are the publicly traded company's biggest shareholders. |
What not to do if you win the lottery |
| The $810 million Mega Millions lottery jackpot ballooned to $1.02 billion after no one matched all six numbers Tuesday night and won the top prize. |
| If someone wins this time around, experts say they should avoid shouting it from the rooftops, lest they make themselves a target for scammers. |
| "Some of those scammers have falsely identified themselves as being affiliated with Mega Millions," Mega Millions said. "These scams all have one thing in common: They try to trick you into sending them money or personal information by claiming that you have won a large lottery prize." |
| No representative of Mega Millions would ever call, text, or e-mail anyone about winning a prize, Mega Millions said. Also remember, "no real lottery tells winners to put up their own money in order to collect a prize they have already won," it said. |
| "If you're lucky enough to win the lottery, keep it quiet," warns Rob Burnette, financial and investment advisor at Outlook Financial Center in Troy, Ohio. "Get organized and make a plan. Consider staying anonymous, if it's a possibility." |
🎧 Mood music 🎧 |
| Camper Van Beethoven – the same band that gave us "Take the Skinheads Bowling" – doesn't necessarily have positive things to say about the lottery. But they do know what they'd do with the money if they won: |
| "When I win the lottery, I'm gonna donate half my money to the city so they have to name a street or a school or a park after me." |
About The Daily Money |
| Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. It even comes with its own Spotify playlist . It features nearly every song quoted here. |
| Follow Jayme Deerwester on Twitter – or Instagram, if you prefer puppy pictures. (Why? Because everybody loves puppies!) |
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