Fed Governor warns of higher interest rates for longer

(Jonesboro, AR) -- It looks like it will cost more for Americans to buy a home, a car, and most credit card balances will increase.

This after a top Federal Reserve official warned of higher interest rates for a longer period of time.

The central bank has been continuously raising interest rates to fight soaring inflation and the official said "it might be a long fight."

It's believed raising rates is necessary to coll of our over-heated economy, which many believe is leading to inflation.