The Federal Reserve on Wednesday raised interest rates by .75 percent in their biggest increase since 1994 in an attempt to rein in 41-year high levels of inflation - and warned more hikes are likely in the near future. 'We're strongly committed to bringing inflation back down. And we're moving expeditiously to do so,' Chairman Jerome Powell said at a press conference after the central bank's two-day policy meeting that ended Wednesday
Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- BREAKING NEWS: Federal Reserve raises interest rates by three-quarters of a percentage point in the biggest hike since 1994 in a bid to slow rapid inflation
- Federal Reserve raised the interest rate to .75 per cent in an attempt to rein in the record high levels of inflation
- Officials agreed to increase at their two-day meeting that wrapped Wednesday
- It is the biggest hike since 1994
- The move will increase its benchmark short-term rate, which affects many consumer and business loans, to between 1.5% and 1.75%
- Will likely result in higher interest rates for car and home loans
- ‘We’re strongly committed to bringing inflation back down. And we’re moving expeditiously to do so,’ Chairman Jerome Powell said
- More interest rate hikes could follow in the days to come
- Voters list inflation and economy as their top concerns
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