( Mark Pellin , Headline USA ) In a desperate attempt to slow runaway inflation and the disastrous economy that the Biden administration’s bungling and failed policies have created, the Federal Reserve on Wednesday jacked interest rates by a staggering three-quarters of a percentage point, the largest rate hike since 1994.
The move, an effort to tame inflation, will almost assuredly have a major impact on the financial realities of everyday life for thousands of businesses and households, with borrowing rates increasing the cost of everything from homes and cars to consumer goods.
Fed Chairman Jerome Powell conceded the 75-basis point hike was steeper than what officials had hoped, but claimed they were left with few options after last week’s horrendous inflation report showed prices skyrocketing.
“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures,” the Fed said in its post-meeting statement, according to Fox News.
Expect more hikes on the horizon, Powell said. Fed expects to hike 50bps each remaining meeting this year and end the year at 3.4% — zerohedge (@zerohedge) June 15, 2022 “The desperation is real – the fed will trash the American economy to save us from inflation […]
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
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