The Federal Reserve has approved raising interest rates by three-quarters of a percentage point for the fourth consecutive time.
The decision comes as part of the Fed's aggressive campaign to tame the highest inflation rates in four decades. So far it hasn't alleviated record-breaking inflation or soothed market volatility.
The latest hike takes interest rates to their highest point since January 2008.
CNBC further reports:
Along with anticipating the rate hike, markets also had been looking for language indicating that this could be the last 0.75-point, or 75 basis point, move.
The new statement hinted at that policy change, by saying the Fed “will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”
Economists are hoping this is the much-talked about “step-down” in policy that could see a rate increase of half a point at the December meeting and then a few smaller hikes in 2023.
This week's statement also expanded on previous language simply declaring that “ongoing increases in the target range will be appropriate.“
Americans across the country continue to feel the pinch of inflation, with energy and food experiencing the most significant price spikes. The increased cost of living remains voters' top concern heading into next week's midterm elections. Most observers believe they'll be a referendum on how confident Americans are that the Biden administration and the Democratic Party as a whole will lead the nation toward economic recovery.
This story is developing. Stay with American Liberty News for the latest updates.
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“The decision comes as part of the Fed’s aggressive campaign to tame the highest inflation rates in four decades. So far it hasn’t alleviated record-breaking inflation or soothed market volatility.”
This is a crock, that’s why it isn’t working. What we have is stagflation, meaning our GDP is down (less consumer and other spending) and we simultaneously have inflation. That means inflation is NOT being fueled by excessive consumer spending. We have the other common form of inflation–monetary inflation. That’s when the Fed adds to the money supply. That’s right! The same group that is claiming they are trying to ‘fix’ the problem are the ones that created it.
Actually, the federal government created the need to create money out of thin air in order to cover their huge deficit spending. The Federal Reserve is also NOT part of the federal government. The Federal Reserve is owned by a select group of mostly billionaire families around the world. Raising the interest rates simply makes more money for them. So, they have every incentive to purpetrate this lie!
It
s not working for you grifting democrats. Its time to start hiding your laptops and your ill gotten gains. You are not the plague, you are the pandemic.Another stupid move to CYA is all I see.