Americans are starting to feel the financial impact of the interest rate hikes implemented by the US Federal Reserve to curb high inflation. People who need to borrow money for homes, vehicles, and credit cards are getting loans at much higher rates than before the rate hikes began earlier this year. Economists and analysts expect Americans to continue tightening their budgets as borrowing costs climb higher still. This could start reducing consumer spending, a key driver of the US economy, as debt payments take up a bigger share of incomes.