So many financial questions stemming from the week’s Fed rate hike. The Federal Reserve raised the fed funds rate by a whopping 75 basis points, the steepest increase since 1994, in an effort to stem inflation. Is this the right move? What will rising rates mean for our finances? Is a recession now more likely and, if so, how will that affect investments, savings and more?

Want more articles and videos by Farnoosh? Check out www.cnet.com/somoney.

Subscribe to her weekly So Money® newsletter for the latest updates and advice.