Following a two-day meeting of the Federal Open Market Committee in Washington, the central bank announced that it would hike its interest rate target by three-quarters of a percentage point, or 75 basis points. The move marks the fourth consecutive rate hike of that scale, a historically aggressive course of action that illustrates the Fed’s resolve to drive down inflation.
The latest 75-basis-point hike comes on the tail of a consumer price index report that found inflation ticked down to 8.2% for the 12 months ending in September — a number that is higher than economists had expected and much higher than the Fed had hoped. The massive rate hike is another bit of bad news for President Joe Biden and Democrats just days before the midterm elections. The 75-basis-point increase is an indication that the inflation situation is still terrible and raises the odds that the economy will fall into a recession — all talking points that Republicans will undoubtedly use to bash the country’s Democratic leadership heading into next week.
Throughout the course of the year, the Fed has continued to raise its projections for just how hot and how long inflation will persist — making investors and Fed watchers even more nervous about the country’s economic situation.
This is all their fault “Transitory “ They had their head in the sand
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