Question: What were the interest rates in 2022 (USA)?
In 2022, interest rates in the United States were influenced by various economic events, including inflation and changes in the Federal Funds Rate.
What were the Federal Funds Rate in 2022?
The Federal Funds Rate is the interest rate at which banks lend reserve balances to other banks on an overnight basis. It is a key indicator of the state of the U.S. economy and is often adjusted in response to changes in economic conditions.
In 2022, the Federal Funds Rate experienced several adjustments. Here is a list of these adjustments:
- In March, the rate was increased to a range of 0.75% to 1.00%.
- In June, the rate was increased to a range of 1.00% to 1.25%.
- In September, the rate was increased to a range of 1.25% to 1.50%.
- In December, the rate was increased to a range of 1.50% to 1.75%.
These adjustments were made in response to rising inflation and a strengthening economy.
What were the Personal Loan Interest Rates in 2022?
The interest rates on personal loans at banks for a 24-month loan also fluctuated throughout 2022. According to the Federal Reserve Economic Data:
- In February, the rate was 9.39%.
- In May, the rate decreased to 8.73%.
- In August, the rate increased to 10.16%.
- In November, the rate increased further to 11.21%.
What were the Credit Card Interest Rates in 2022?
Interest rates on credit cards also varied throughout the year. According to the Federal Reserve Economic Data:
- In February, the rate was 14.56%.
- In May, the rate increased to 15.13%.
- In August, the rate increased to 16.27%.
- In November, the rate jumped to 19.07%.
Average inflation rate (CPI) during 2022
Inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), was 6.42% in 2022 according to the Federal Reserve Economic Data. This was a significant increase compared to previous years and was a major factor influencing interest rates.
Source notes: Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan (Source Federal Reserve Economic Data), Commercial Bank Interest Rate on Credit Card Plans All Accounts (Source Federal Reserve Economic Data), Inflation rate according to Federal Reserve Economic Data (CPI for All Urban Consumers: All Items in U.S. City Average, Percent Change from Year Ago. Annual, Not Seasonally Adjusted)
