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| Economy |
| Fed raises Prime by 75 basis points |
| 2022-07-28 |
| [FoxBusiness] The three-quarter percentage point hikes in June and July — the first since 1994 — underscore just how serious Fed officials are about tackling the inflation crisis after a string of alarming economic reports. Policymakers voted unanimously to approve the latest super-sized hike. The move puts the key benchmark federal funds rate at a range of 2.25% to 2.50%, the highest since the pandemic began two years ago. It marks the fourth consecutive rate increase this year. Policymakers signaled in their post-meeting statement that additional increases are likely in the coming months as they remain "strongly committed to returning inflation to its 2% objective." Unfortunately, the Fed had made almost no progress unwinding the $6Trillion QE pile of debt they hold. They keep making noises about this but action is slow |
| Posted by:Lord Garth |
| #4 2.25% isn't nearly enough. You can borrow that all day and pay it back next year in dollars that are worth 9.1% less. So the real interest rate is 9.10 - 2.25 = negative 6.85%. Yes, THAT will cure inflation, no doubt. |
| Posted by: Tom 2022-07-28 17:44 |
| #3 Has History Repeated itself? January 3, 1993 – January 3, 1995 Members 100 senators 435 representatives Senate Majority Democratic House Majority Democratic BUSH leaves and Clinton comes in. US Federal Interest Rates 1990 - 2000 |
| Posted by: NN2N1 2022-07-28 08:25 |
| #2 /\ Less than Inflation and to add insult to injury its taxed. |
| Posted by: magpie 2022-07-28 01:47 |
| #1 Yet the interest on my saving accounts remain near zero. |
| Posted by: Seeking Cure For Ignorance 2022-07-28 00:58 |