Federal Reserve Chairman Jerome Powell arrives to speak during a news conference following a Federal Open Market Committee meeting in Washington, D.C., on Wednesday. (Sarah Silbiger/Bloomberg via Getty Images / Getty Images)
Revelations 18:23 ’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Federal Reserve raises interest rates by 75 basis points for third straight month
- The Federal Reserve on Wednesday raised its benchmark interest rate by 75 basis points for the third straight month as it struggles to bring scorching-hot inflation under control, a move that threatens to slow U.S. economic growth and exacerbate financial pain for millions of households and businesses.
- The three-quarter percentage point hikes in June, July and September — the most aggressive series of increases since 1994 — underscore just how serious Fed officials are about tackling the inflation crisis after a string of alarming economic reports.
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