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Gauging a Fed rate hike’s impact on the economy




Federal Reserve Bank Chair Janet Yellen holds a news conference following a meeting of the Federal Open Market Committee.
Federal Reserve Bank Chair Janet Yellen holds a news conference following a meeting of the Federal Open Market Committee.
Chip Somodevilla/Getty Images

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The Federal Reserve will convene this Wednesday for their last meeting of 2015 -- and the smart money is on Janet Yellen and company to finally raise interest rates.

A rate hike will end 7 years of historically low interest rates in the country, which  has made borrowing money dirt cheap. At the same time, low rates have also hit savers hard.

What is the economic impact of a rate hike? For Southern Californians, would higher interest rates ease what has been a difficult real estate market?

Guests:

David Wessel, Director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, which provides independent, non-partisan analysis of fiscal and monetary policy issues

Mark Schniepp, Director, California Economic Forecast, an economic consulting firm that forecasts real estate prices in Southern California based out of Santa Barbara; former Senior Economist for the California State Controller's Office