Fed Scrambles to Fight Inflation

The Federal Reserve hiked interest rates by by three-quarters of a percentage point to try and contain inflation.

The Federal Reserve hiked interest rates by three-quarters of a percentage point to try and contain inflation.

The central bank’s benchmark federal-funds rate will now range between 1.5 percent and 1.75 percent, pushing the mortgage rate to its highest level since 2008.
The 75-basis-point jump is the sharpest rate increase since 1994 as the Fed works to “play catch-up” with an aggressive series of rate increases.
The stock market slumped Thursday morning in the wake of the news, with S&P 500 futures declining by 1.9 percent and the Dow Jones futures down 1.5 percent.
The Dow declined by 700 points Thursday morning as the bear market took its hold on Wall Street.

The Washington Post explained what the Fed’s moves would do for consumers and explained why raising interest rates will slow inflation.
The New York Times assessed the impact of the interest rate on mortgages, car loans, credit cards, and student loans.
CNN broke down what the Fed rate hike means for the everyday person. Taking out a mortgage or a car loan will be more expensive, and cash sitting in bank accounts will begin to earn a small return.

FOX News spoke with Bob Nardelli, the former Home Depot CEO. He warned the interest rate hike would have a “devastating” impact on consumers.
The Washington Examiner’s reporting put the Fed’s rate hike in a broader context, comparing it with other historical examples and assessing where the Fed will go from here.
National Review argued “the Fed needs to exceed expectations, not just meet them” and should’ve raised interest rates by 100 basis points, not 75 to get a better handle on inflation.

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