EAST PROVIDENCE, R.I. (WPRI) — The Federal Reserve has raised interest rates another three-quarters of a point in an effort to cool down the high cost of living.

The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.

Jeff Massey from Jeff Massey and Associates joined 12 News live in studio to share how the latest rate hike could impact our finances.

Watch the full interview above.