(KRON) – On today’s Winners and Losers, financial expert Rob Black discusses the potential interest rate hike and Bill Gates’ thoughts on cryptocurrencies as their value tumbles.

Loser: Central bank actions in focus

Central banks from Europe to the United States are going to be the story today. The European Central Bank is holding an emergency meeting to discuss the bond fragmentation issue in the European Union, and the Federal Reserve concluding its two-day Federal Open Market Committee meeting with a policy directive and updated summary of economic projections at 2:00 p.m.

Fed Chair Jerome Powell’s press conference at 11:30 a.m. Pacific Time.

Retail sales have started to show signs of weakness.

Caterpillar is the latest company to relocate to Texas from its longtime base in Illinois. Caterpillar employs more than 107,000 employees globally.

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Reschedule your Yellowstone trip: the beloved national park was shut down Monday and visitors were evacuated as heavy flooding caused rockslides and mudslides, and damaged roads and power lines.

Netflix wants competitors for a real-life “Squid Game” reality TV series. The streaming service said on Tuesday that 456 players will compete for a $4.56 million prize. Netflix assured potential contenders that they won’t be killed if they fail.

Apple’s TV service, already synonymous with a mustachioed American soccer coach Ted Lasso, is about to become synonymous with American soccer. Apple agreed to broadcast every Major League Soccer game for the next 10 years.

Jeff Bezos, Elon Musk, and Mark Zuckerberg have each seen their net worths drop at least $64 billion this year.

Loser: Rate hikes will affect your credit card, mortgage and savings rates

When the Federal Reserve raises interest rates today, it will drive rates higher on everything from credit cards to mortgages.

It means your debt is going to get a lot more expensive in a hurry.

Until inflation starts to come down, expect the Fed to continue raising rates, likely up to 4% which could hit real estate prices. Transactions as 20-year mortgages would start around 7%,

On the bright side, consumers, especially seniors and others on fixed incomes, will finally see bank deposit rates rise from paltry levels, especially for online savings accounts and certificates of deposit.

Today’s rate increase will have the biggest impact on credit cards, 30-year mortgage rates and 5-year adjustable rate mortgages and home equity lines of credit.

Car buyers will be nicked with higher monthly costs, but less dramatically.

Credit cards, adjustable rate mortgages and home equity lines of credit (HELOCs) will become pricier within one or two months.

For a $5,000 credit card balance today’s hikes probably will add about $342 in interest over the expected length of the loan.

The average rate for a 10-year home equity line of credit is 4.74%. A 0.75% increase on a $50,000 credit line raises the total interest paid over the life of the loan by $7,500.

The average online savings rate has risen to around 1%, and a typical online one-year CD has jumped about a half a percentage point to around 1.5%.

Loser: Bill Gates says crypto, NFTs are ‘100% based on greater fool theory’

Bill Gates is not a fan of cryptocurrencies or non-fungible tokens.

Speaking at a TechCrunch talk, the billionaire Microsoft co-founder described the phenomenon as something that’s “100% based on greater fool theory,” referring to the idea that overvalued assets will go up in price when there are enough investors willing to pay more for them.

Gates joked that “expensive digital images of monkeys” would “improve the world immensely,” referring to the much-hyped Bored Ape Yacht Club NFT collection.

NFTs are tokens that can’t be exchanged for one another. They’re often touted as a way to prove ownership of digital assets like art or sports collectibles.

But critics see them as overhyped and potentially harmful to the environment given the power-hungry nature of cryptocurrencies. Many NFTs are built on the network behind Ethereum, the second-biggest token.