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The Federal Reserve raised short-term interest rates this week by a quarter percentage point, bringing the central bank's benchmark rate to a range of 4.50% and 4.75%. During Jerome Powell's press conference on Wednesday, the Federal Reserve Chairman used terms like inflation, deflation and disinflation, but what do those terms actually mean for you and your money? Yahoo Finance's Brian Sozzi, Brad Smith and Julie Hyman break down the three widely used terms

For more coverage of the Federal Reserve's interest rate decision, check out:

- Federal Reserve raises interest rates another 0.25% to highest since October 2007

- The word that made stocks fall in love with the Fed: Morning Brief

For more live financial news and analysis, make sure to tune into Yahoo Finance Live