The Federal Reserve aggressively raises interest rates again, the third time they’ve done that this year. The move is an attempt to bring down record-high inflation, but it’s expected to have an immediate impact on how much Americans will have to pay to borrow money. It is already sparking fears of a possible recession.
interest rate increase
For the first time since 2018, the Federal Reserve is raising interest rates by a quarter-percentage point. The Fed also hinted more increases are ahead this year, as it works to tame soaring inflation. The move comes despite the growing economic uncertainty in the U.S. caused by the war in Ukraine.
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Top Federal Reserve officials are meeting in Washington, D.C., today for a two-day meeting, where they will discuss and decide whether or not to raise interest rates.