Merry Christmas from the Federal Reserve!
The Federal Reserve on Wednesday raised interest rates 50 basis points – or 0.50% to fight Bidenflation.
“The Fed boosted its benchmark rate a half-point to a range of 4.25% to 4.5%, its highest level in 15 years. Though lower than its previous three-quarter-point hikes, the latest move will further heighten the costs of many consumer and business loans and the risk of a recession.” AP reported.
The Fed raised rates after the latest report revealed interest rates are still at historic highs.
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“The consumer price index rose just 0.1% from the previous month, and increased 7.1% from a year ago, compared with respective estimates of 0.3% and 7.3%.” CNBC reported on Tuesday.
30-year fixed mortgage rates are now over 7%.
Joe Biden and Treasury Secretary Janet Yellen said this week that inflation won’t subside until the end of 2023.
Fed Chair Powell delivered remarks after the Fed raised rates again.
Powell signaled more rate hikes may be on the horizon.