(WAND)- Wednesday the Federal Reserve raised interested rates by the largest amount since 1994. The .75 bump hopes to slow inflation and prevent the U.S. economy from entering into a recession. 

Some Americans will feel the impacts of the rate increase right away in the form of higher credit card interest rates, or higher mortgages for those applying now. But it could take months for overall inflation to slow down. 

"In terms of inflation, and the economy, perhaps 3 to 5 months," Chris Marquette, a finance and business professor at Millikin University told WAND News.

"Inflation it does seem to be starting to peak. We are seeing the consumer starting to back off on purchases, which leads to lower inflation," Marquette added.

He said Americans should expect to see a .25 increase later this summer and again in the early fall.

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