Devastating News From Federal Reserve
Biden needs to do something.
The Federal Reserve has just announced that they will raise interest rates for the first time in three years as officials are trying to cool down piping hot inflation in the United States.
This decision comes at a very strange time since the U.S. is still trying to recover from the pandemic and now there is a very important war going on in Europe.
Fox News further explained: The widely anticipated move – that the Fed would raise rates by 25-basis points – brings to an end the ultra-easy monetary policy put in place two years ago to prop up the economy through the COVID-19 pandemic.
The rate liftoff, which puts the benchmark federal funds rate at a range between 0.25% and 0.5%, is likely just the start of a series of increases intended to curb runaway inflation.
After revealing their decision, the Fed explained, “With appropriate firming in the stance of monetary policy, the committee expects inflation to return to its 2 percent objective and the labor market to remain strong. “The committee anticipates that ongoing increases in the target range will be appropriate.”
Only one member of the Federal Open Market Committee, St. Louis Fed President James Bullard, voted against the decision because he wanted to raise the rate by a 50-basis point increase.
