Now, it seems, interest rates have garnered some, well, interest.
It has been barely a week since the Federal Reserve boosted interest rates by a quarter point. It’s the latest move in a series of rate hikes that have been well-telegraphed and well-choreographed.
The Fed has been gradually increasing its fed funds rate over a period of a few years. The latest move took that rate, which is what is charged to banks as they lend to one another, to 2.25 percent.
As always, it should be noted that the rates have been, and still are, coming off historic lows, even after eight increases spread out over two years.
Against that backdrop, as reported by CNBC, credit card rates are eyeing (but are not at) record highs.
Rates on credit card debt have crossed the 17 percent mark, as measured by annual percentage rates, and are up markedly from 16.1 percent last year and 15.2 percent two years ago. Those rates have risen as the Fed has raised the aforementioned fed funds charge, used as a benchmark for many types of debt, from mortgages to autos to student loans. Variable debt, of course, means that rates get reset, and are now being reset higher.
It should come as no surprise that there will be more rate hikes in the offing, as the Fed targets inflation. As reported in recent weeks, the U.S. economy is operating at full employment. Unemployment rates are at 3.7 percent, the lowest level seen in nearly a half century. Also, wages are creeping up as firms try to lure workers, which means that price increases — which cover corporate operating expenses as they rise — get passed onto consumers. The dance is a delicate one, where rates that rise too quickly can choke off economic growth, and even lead to recession.
That’s a possible eventuality. But in the meantime, the impact to borrowers is swift. CNBC quoted Ted Rossman, an analyst at CreditCards.com, as noting that the 17 percent rate means “the interest on a $1,000 balance is going to be very impactful.” The impact is to be multiples of that level, as across the U.S., credit card debt in its totality has now passed the $1 trillion mark as of last year – the highest level ever. The rate hike means, all else being equal, that another 25 basis points, on each trillion of debt out in the field, comes to $2.5 billion in additional interest charges annually.
Some mixed signals might translate into flashing red lights, or perhaps at least yellow lights: Consumer confidence remains at its highest level in the last 18 years, where the reading of 138.4 is within sight of the all-time peak of 144.7 seen back then. But then again, the rate of growth in consumer spending is slowing. Any wealth effect from the stock market may be clipped a bit as the Dow (a headline proxy for the market overall) has been slipping in the wake of the IMF lowering its global economic growth rate target. Not the best confluence of events when the monthly credit card statement pops up.
What do the movies “Blade Runner,” “2001: A Space Odyssey,” “Back to the Future Part II” and Spike Jonze’s “Her” all have in common?
These science fiction movies, each depicting various versions of a future full of fantastic technologies, all take place in the year 2025 or earlier.
Though some of the high-tech gadgets and futuristic innovations seen in these films, such as hoverboards and flying cars, haven’t quite materialized in everyday life, they have sparked imagination and set the stage for the very real innovations. As the dozens of groundbreaking products and wacky gadgets that debuted at the 2025 Consumer Electronics Show (CES) this week reveal, the future is certainly now.
CES, after all, rarely disappoints when it comes to providing a first-look at some truly strange gadgets that might just represent the ultimate showcase of tomorrow’s technology.
From artificial intelligence (AI) being embedded into everything and smarter than ever home devices, to autonomous robotic companions and wearable tech that both bends and blends reality, many of the inventions that once seemed out of reach in Hollywood films are now being unveiled on the convention floor.
See also: The Five Not-So-Obvious Things That Will Change the Digital Economy in 2025
It’s becoming clear that today’s technological advancements are increasingly bridging the gap between what was once imagined and what’s now becoming real.
For example, smart home robots are no longer a futuristic fantasy — they are being positioned as potentially indispensable components of modern households.
CES 2025 saw the debut of the Roborock Saros Z70, a robot vacuum with a telescopic, five-axis arm. Rosey the Robot from “The Jetsons” has nothing on this little gadget, which its maker describes as “a mechanical arm that sees and thinks,” and is able to pick up and put away items like socks, shoes, tissues and more.
For more serious household tasks, the SwitchBot Multitasking Household Robot K20+ Pro was also unveiled at CES 2025. “Whether it’s delivering objects, vacuuming, monitoring pets, purifying the air, providing home security, or even mobilizing smart tablets, the K20+ Pro juggles household management with ease … from delivering food and drinks to carrying small packages,” said a company release.
Read more: Training Robots Using Video Games Could Democratize Warehouse Automation
The K20+ Pro’s core is designed for customization and flexibility, serving as a modular foundation that allows users to create, adapt, and personalize the robot for a wide variety of innovative applications, and can connect with third-party smart devices like Alexa, Google Assistant and Siri, ensuring integration into any smart home ecosystem.
Elsewhere, TCL premiered its “AI Me” (Amy) concept companion robot, complete with animated eyes, autonomous movement and an AI-powered camera on its head; while Dreame showcased its X50 Ultra robot vacuum that has legs to avoid obstacles.
As smart home technology continues to evolve, the integration of robots designed to assist in daily activities could significantly alter how we interact with our homes, manage tasks and even shape the future of work.
TomBot, for example, debuted an emotional robotic lap dog, Jennie, an AI robot therapy dog designed to keep seniors company. On the more playful side of things, Tokyo robotics startup Yukai Engineering introduced the Nékojita FuFu, a portable cat-shaped robot that can blow air to cool hot food or drinks.
It wasn’t solely robotics for use at home being showcased at CES. John Deere used the Las Vegas event to reveal its own autonomous agricultural products. The fully autonomous machines were on display from Jan. 7 to 10, and were a bit bigger in size, if equivalently less cute, than the TomBot puppies.
Read more: Google Reportedly Bringing Gemini AI to TV Sets
Behind the strangely futuristic convenience of a robot picking up your laundry and taking out the trash while it vacuums and interfaces with the rest of your household appliances lies a much larger story: the rise of the smart economy.
As CES 2025 showed, augmented reality (AR) glasses are the eye candy of the smart economy. A host of futuristic specs were unveiled, capable of a range of tasks that turn the wearer into a high-tech superhero.
Halliday showcased “the world’s first proactive AI glasses with invisible display,” while freshly debuted Loomos.AI glasses offer a ChatGPT-4o integrated AI assistant.
But other appendages remain up for grabs, and innovative products from smart rings to apps like WowMouse, which allows smartwatch wearers to control devices using just their gestures and fingers, are vying for market share in ways that aim to make daily life more convenient, efficient and secure.