After two smaller rate hikes this year, the Federal Reserve bumped rates by three-quarters of a percentage point this week, the largest hike in nearly three decades.

Soren Hauge is a Professor of Economics and chair of the Economics and Business Management Department at Ripon College. He said the efforts to tamp down inflation will make things more expensive for people, in the short run.  

He noted, "in the longer run, it should reduce the pressure for prices to rise which will in turn help consumers' budgets over the course of the year as inflationary pressures abate somewhat in part due to these rate increases, but for people borrowing money, it's going to pinch them more now."

You can watch the full interview with Hauge above.