Fed raises interest rates as inflation concerns weigh on voters

Cato Institute vice president of general economics Scott Lincicome analyzes the Federal Reserve interest rate hike and the economic outlook ahead of midterm elections.

Cato Institute vice president of general economics Scott Lincicome analyzes the Federal Reserve's decision to raise interest rates by a quarter point. Lincicome details the timeline for rate changes to affect credit card bills, auto loans and home equity lines of credit. He also evaluates trade negotiations between President Donald Trump and Chinese President Xi Jinping regarding proposed tariff reductions and competition over artificial intelligence.