Fed Reserve Wants You To Spend Less, So They’re Hiking Interest

The Federal Reserve on Wednesday raised its benchmark interest rate by 0.75 percentage points, hoping the American people will spend less

  • “The Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate,” the Fed said
  • The move was intended to increase your payments, therefore incentivizing you to spend less money and thereby quell inflation
  • Inflation under President Joe Biden has skyrocketed
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