Thndr Claps » U.S. Claps » Economy 🏢 » The Fed nudges interest rates up 🏛
The ClapThe Federal Reserve has increased interest rates for the second consecutive time.The DeetsOn Wednesday, the Fed decided to increase interest rates by 0.75% to reach a benchmark range of 2.25%-2.5%.The increase in interest rates comes as an effort to curb runaway inflation without triggering a recession. This is the second consecutive month where the Fed pushed interest rates up by 0.75%.Why the increase in interest rates?The Fed has claimed they are strongly committed to reducing inflation, even if it comes at the cost of economic growth.High prices are taking a heavy toll on consumers, and concerns about a recession are getting bigger. A slowdown in the economy could actually allow the US to have sustainable economic growth.
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