Several times a year, you may hear that the Federal Reserve is considering raising or lowering interest rates. What exactly does that mean? It’s worth knowing, because, whether you realize it or not, you do have a stake in what the Fed does. After all, you probably interact with interest rates in a variety of ways, through your credit cards Updated at 3:30 p.m. ET. The Federal Reserve announced another quarter-percentage-point increase in interest rates Wednesday as expected, citing a strong labor market and economy. You hear about it a few times a year: The Fed has raised interest rates, or the Fed delivered an interest rate cut after its latest meeting.Excited, you go to your local bank to check out its brand-new rates on car loans.To your disappointment, they're the same as they were yesterday. What gives?