The Federal Open Market Committee (FOMC) increased rates a quarter-point, from .25% to .50%, in March — the first time since 2018 — and is expected to raise short-term rates more this year. Russia’s invasion of Ukraine is also causing tremendous human and economic hardship, worsening upward pressure on inflation in the United States. With rates on the rise and growing costs of supplies and services, what does this mean for small-business owners?
