Some of what is going to happen with interest rates has already happened, like banks raising borrowing rates, but other effects are going to take some time to notice. In the end, it will all come down to consumers and the businesses we frequent. Steve Presser owns Big Fun Toys in Cleveland Heights, Ohio.

We regularly check in with him about how his business is doing, so we asked him for his thoughts on what the rate hike is going to mean to him.