The Federal Reserve has once again raised interest rates, which means borrowing money for your mortgage or your business is once again more expensive. New York Times economics reporter Talmon Joseph Smith explains why this might keep happening. This episode was produced by Miles Bryan and Amanda Lewellyn, edited by Matt Collette, fact-checked by Serena Solin, engineered by Michael Raphael and Paul Robert Mounsey, and hosted by Noel King. Transcript at vox.com/todayexplained  Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts  Learn more about your ad choices. Visit podcastchoices.com/adchoices