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Federal Reserve Makes Drastic Rate Hike Decision as Biden Policies Fail

The following article, Federal Reserve Makes Drastic Rate Hike Decision as Biden Policies Fail, was first published on Flag And Cross.

For almost a year and a half now, Americans have been waiting patiently for President Joe Biden to tackle the issues facing our economy, and throughout that period they have been disappointed.

They’ve watched in horror as gas prices skyrocket, in turn driving up the cost of other goods and services across the board, and making trips to the grocery store feel more like trips to the proctologist.

Now, as inflation hits a number of 40 year highs, the Federal Reserve has been forced to take drastic action.

The Federal Reserve on Wednesday raised its benchmark interest rate by half a percentage point as the most aggressive step yet in its battle against generational highs in inflation.

“Inflation is much too high and we understand the hardship it is causing, we’re moving expeditiously to bring it back down,” Fed Chairman Jerome Powell said during a news conference which he started by saying he wanted to “directly address the American people.” He later noted the burden of inflation on lower-income people, saying, “we’re strongly committed to restoring price stability.”

That likely will mean, according to the chairman’s comments, multiple 50-basis-point rate hikes ahead though nothing more aggressive than that.

The move caused the stock market to inch higher on Wednesday, as investors had been preparing all week for the announcement…whichever way it was to go.

Continue reading: Federal Reserve Makes Drastic Rate Hike Decision as Biden Policies Fail ...

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