Interest-rate surge ripples through economy, from homes to car loans

The era of cheap money has drawn to a close. Since the last recession's end, households and businesses could borrow with interest rates in the low single digits. But, in 2022, with inflation climbing to its highest level in 40 years, that's no longer the case. With skyrocketing mortgage rates pushing potential home buyers from the market, Orla McCaffrey, Sam Goldfarb, and AnnaMaria Andriotis examine the consequences of higher borrowing costs.