THE FED HIKES INTEREST RATES AGAIN

THE FED HIKES INTEREST RATES AGAIN

Written by Peter Boykin on November 4, 2022

THE FED HIKES INTEREST RATES AGAIN

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

The Federal Reserve announced a fourth consecutive 0.75-point interest rate hike, bringing the overall borrowing rate to its highest level since 2008.

The details:

This move by the Fed brings the central bank’s overall rate to a range between 3.75% and 4%. And Fed Chair Jerome Powell hinted that there could be two more similar rate hikes this year before they consider slowing the rate of increase.

Markets reacted poorly, all closing down significantly:

The Dow Jones: 1.5%

The Nasdaq: 3.36%

The S&P500: 2.5%

Here’s what this all means for you:

Aside from the bloodbath your 401k took because of the above market reaction… Rising interest rates make it more expensive for you to get a mortgage on a home, lease or finance a car, and even make the interest payments on your credit card higher.

Why would the Fed do this?

The Fed is trying to bring down the sky-high rate of inflation, which is at 40-year highs. The only way they can do that is by raising interest rates.

The idea is that if it’s harder for Americans to purchase goods, that will lower demand for those goods, and ultimately bring down prices.

[Source: CNBC]

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