more on all of that later this hour. but first the critical decision set to drop soon from the federal reserve. and cnn business correspondent rahel solomon is here with us. walk us through what is to come in the next hour or so and why it really matters. so the expectation is that chairman powell will raise rates about three quurs of a percent. that is not one to one in terms of borrowing costs. we won t see borrowing costs raise 75 basis points. but it does influence all of the categories. so costs will continue to go up. and i want our viewers to enter understand what this really means for them, for their wallets. and i know you ve pulled a few examples. yeah, i ve been working the phones. let s start with credit cards. we ve already seen credit card rates accelerate quite rapidly this year. and right now the average rate is about 17.5%. according to bank rate, if you are holding a $5,000 balance which is the national average, you have a current ampt pr of 17.25%, if
entirely different life than what anna was used to. she now turns in recycling for cash. you get $1.. a pound. reporter: and works part-time as a caretaker for a resident of a senior center to add to her unemployment check. but that barely covers the bills. this is my mortgage, $825.24. and this is my car payment of $482. reporter: and those are just the fixed costs. she lives in riverside county. and people move to the relatively more affordable inland empire during the pandemic driving up population and demand for goods and services. not only have prices gone up, but folks in the inland empire can t really shift to saying, well, i guess i ll be able to work from home a little bit more in response to hire gas prices. they are the types of workers that generally have to actually commute into workplaces. reporter: and anna needs to drive for her work as a caretaker filling up her car a