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.
On Your Radar
EU leaders decry Russian brutality in visit to Ukraine (Associated Press)
Abbott halts baby-formula production at Michigan plant (Wall Street Journal)
Democrats’ risky bet: aid G.O.P. extremists in spring, hoping to beat them in fall (New York Times)
McConnell’s gun safety gamble (POLITICO)
Oregon’s drug decriminalization effort a ‘tragedy’ (FOX News)
How World War II led to Washington’s first outing (Washington Post)
Progressivism, sexuality and mental illness: Is contemporary liberal-left culture producing greater mental distress? (Quillette)
The January 6 Committee hearing make Pelosi’s tactical error clear (National Review)
It’s not about democracy: January 6th is a symptom of a deeper dynamic tearing the country apart (Wisdom of Crowds)
Democrats keep citing out-of-reach electric vehicles as gas price fix (Washington Examiner)
It’s a bad year for criminal justice reform at the Supreme Court (Reason)
© Dominic Moore, 2022