Fed slows pace of rate hikes, raises rates a quarter point. What that means for your finances.

• The Fed hiked its short-term rate by a quarter point on Wednesday.
• That's down from the half-point hike in December and the four consecutive three-quarter percentage-point increases before that.
• Consumers have already felt the impact of those rate hikes and are reeling.

The Federal Reserve whittled down the size of its rate increases again, with a quarter-point hike, on Wednesday. But the smaller rate hike is unlikely to provide much relief to already squeezed consumers.

The Fed boosted interest rates for an eighth consecutive time, but only by 0.25 percentage point, down from the half-point hike in December and the four consecutive three-quarter percentage-point increases before that.

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