Here's why the Fed's rate hikes haven't actually hit Americans that hard

• The Federal Reserve has raised interest rates 11 times in the last year and a half.
• But the impact may not have hit most Americans, Moody's data suggests.
• Americans don't have much floating-rate debt, which means many are likely locked into lower rates. 

The Federal Reserve's historic rate hiking campaign may not have actually hit most Americans that hard. 

That's because most household debt is likely still locked into lower, fixed rates secured before the central bank started aggressively ratcheting up rates to control inflation.

According to Moody's data shared with Insider, just 11.1% of household debt carried a floating rate as of the first quarter of this year, meaning that only a small amount of total household debt outstanding was adjusted higher as market rates climbed over the last year and a half.