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.


reporting from the left side of the aisle


  • 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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© Dominic Moore, 2022