Fed funds rate has been gradually raising interest rates over the past few years, and most experts expect them to continue rising in the future. This generally means that borrowing costs will go up for consumers and businesses, which can have a ripple effect throughout the economy. So far, the Fed has carefully monitored the effects of higher rates and seems intent on keeping them relatively low by historical standards. That said, if inflationary pressures start to build or the economy otherwise deteriorates, interest rates could rise more quickly than expected.