computer keys with retirement, 401k, pension written on them. (Photo: Shutterstock)

Financial advisors and investors are weighing the implications of the latest rate hike by the Federal Reserve last week.

The Fed announced it will raise benchmark interest rates by three-quarters of a percentage point and indicated that more increases likely are ahead. The latest rate hike is the third consecutive .75% percentage point move and the fifth increase in the last six months, all part of an effort to slow inflation. Combined, the series of hikes has brought the federal funds rate to a range of 3% to 3.25%, the highest it has been since 2008 and up from a rate of near zero to start the year.

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