(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 created by insane government spending,” Newsmax’s Rob Schmitt tweeted.
Continuing a blind economic ignorance that has become a trademark of the Biden administration, Powell on Wednesday continued to express dismay at how the situation had deteriorated.
“Inflation has obviously surprised to the upside over the past year — and further surprises could be in store,” Powell said.
“We therefore will need to be nimble in responding to incoming data and the evolving outlook.”
The Biden Administration has overseen shortages of food, fuel, and formula.
They do have an overabundance of incompetency, though.
— Lauren Boebert (@laurenboebert) June 15, 2022
