How will the Federal Reserve rate hike affect me?

The Federal Reserve, chaired by Jerome Powell, is one of the most powerful financial institutions in the world. Picture: Jacquelyn Martin.
The US Federal Reserve has been grabbing headlines over the past 24 hours, as news of the central banking system’s planned interest rate hike continues to reverberate.
But how does the move affect us here in Ireland? Here are some of the answers to the questions being asked this week.