Fed Halt Could Hurt You

On Jan. 3, the stock and bond markets decided that the Federal Reserve was near the end of a string of interest rate hikes that have taken short-term rates from 1% in June 2004 to 4.25% today.

Investors and traders cheered the thought. On the day, the Dow Jones Industrial Average climbed 130 points.

If the financial markets are right -- a big if that I'll look at in a minute -- what does the end to the Federal Reserve's interest rate increases mean for you? My best guess at the five most likely effects: ...