Fed raises rates for the first time in three years, projects more hikes due to inflation

The Federal Reserve announced it would raise its interest rates on Wednesday, marking the first increase in three years as inflation continues to soar under the Biden administration.

“The probability of a recession in the next year is not particularly elevated,” Chair Jerome Powell told reporters, according to Fox Business.

“All signs that are this is a strong economy, and one that will be able to flourish in the face of less accommodative monetary policy,” he added.

“The invasion of Ukraine by Russia is causing tremendous human and economic hardship,” the Fed said in a statement, according to USA Today.

“The implications for the U.S. economy are highly uncertain, but in the near term the invasion and related events are likely to create additional upward pressure on inflation and weigh on economic activity,” the report added.

The new hike is not enjoyable for Americans, but is also unsurprising given market changes in recent months.

5 Responses

  1. Yea this inflation Started way before
    Russia attacked Ukraine!!!sleepy joe
    Needs to admit that !!!!!!
    An stop blaming everyone else. For his failure s. Jw

  2. We need to jail the corrupt Biden crime syndicate family. I don’t understand why Democrats are not willing to look at the facts of the Biden family and how the corrupt media is protecting them.

    Welcome to 3RD WORLD MERICA!

    Democrats always say “I didn’t vote for Donald Trump because he hurt my feelings and twiXES and twitters an what ever that means so I voting for corruption, life long incompetent career politicians and academics that screwed up the last time they in office. The SAME FREEKING PEOPLE THAT OBAMA USED.

  3. If the government would stop raising the price of gas, food items, and all products and services, there would not be an inflation.

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