According to a Fox News report, the Federal Reserve announced another significant interest rate hike in an attempt to combat soaring inflation and stave off a recession (however Biden is defining it these days).
The move “threatens to slow U.S. economic growth and exacerbate financial pain for millions of households and businesses,” Fox News reports.
From Fox News:
The three-quarter percentage point hikes in June, July and September – the most aggressive series of increases since 1994 – underscore just how serious Fed officials are about tackling the inflation crisis after a string of alarming economic reports. Policymakers voted unanimously to approve the latest super-sized hike.
The move puts the key benchmark federal funds rate at a range of 3% to 3.25%, the highest since before the 2008 financial crisis. It marks the fifth consecutive rate increase this year.
In addition to the large rate hike, Fed officials laid out an aggressive path of rate increases for the remainder of the year. New economic projections released after the two-day meeting show policymakers expect interest rates to hit 4.4% by the end of the year, suggesting that another three-quarter percentage point increase is on the table.
More over at Fox News:
Federal Reserve raises interest rates by 75 basis points for third straight month https://t.co/cjxbpUoEio #FoxBusiness
— Jay Caruso (@JayCaruso) September 21, 2022
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