Friday, March 29, 2024

Federal Reserve Announces Latest Rate Hike

-

The has raised interest rates for the fifth time in 2022. Today's announced move is a 0.75% base rate hike, which has in turn raised the key short-term rate to a range of 3.0% to 3.25%.

This is likely not even the last time that the central bank will raise rates in the 2022 calendar year.

USA Today is reporting that two more potential rate hikes may come before the end of the year.

“Fed officials now predict the key rate will end 2022 at a range of 4.25% to 4.5%, a full percentage point above the 3.25% to 3.5% they projected in June, and close out next year at 4.5% to 4.75%, according to their median estimate. That suggests the central bank could approve another three-quarter point hike at its November meeting and then a half-point rate rise in December.”

Federal Reserve Chairman has long insisted that he is working to tame inflation to avoid a recession, but he changed his tune during a meeting of the Federal Reserve Board in Jackson Hole, Wyoming last month when he said that the rate hikes would “bring some pain to households and businesses.”

This story is developing. Stay with American Liberty News for the latest updates.

READ NEXT: New Wrinkles Appear in Biden's Student Loan Relief >>

Victoria Snitsar Churchill
Victoria Snitsar Churchill
Victoria Snitsar Churchill is a proud immigrant and naturalized U.S. citizen with a decade of experience in grassroots politics and community organizing. Her writing has been featured in many online publications, including Campus Reform, The Daily Torch and The Daily Signal. As an undergraduate at the University of Kansas, Victoria appeared in media outlets such as CBS News, TIME Magazine, The Washington Post Magazine, The Blaze and NRATV. Victoria is also a former NCAA D1 student-athlete and Kansas College Republicans State Chair. After moving eleven times in six years, Victoria resides in Arlington, Virginia and enjoys overpriced brunch on Sundays with her husband.

Latest News