Fed set to raise interest rates to 22-year high after June pause

[Zephyr]

Fed set to raise interest rates to 22-year high after June pause

The Federal Reserve is expected to raise interest rates for the 11th time at the end of its meeting Wednesday as it continues its fight against inflation.

www.foxbusiness.com

The Federal Reserve is widely expected to deliver another interest rate hike on Wednesday, resuming its campaign to jack up borrowing costs and crush inflation after a brief pause in June.


The projected quarter-percentage point hike would set the federal funds rate between 5.25% to 5.5%, further restricting economic activity as the borrowing costs for homes, cars and other items march higher.

It would mark the highest rate since 2001 and the 11th increase in nearly a year and a half.


But Wall Street is even more focused on Chairman Jerome Powell's press conference at 2:30 p.m. ET as they look for additional clues about what comes next in the Fed's inflation fight. Powell may leave the door open to at least one more rate hike this year depending on upcoming economic data releases, even amid signs that inflation is continuing to cool.

 

[mattfivefour]

One more nail in our prosperity coffin. Guess we won't be buying a small house this year. Our mortgage guy was expecting the rates to drop a little because when they went up after Biden entered office they knocked us out of the market.

 

[Tall Timbers]

It wouldn't surprise me if they start to ease 6-9 months before the election next year. Gasoline prices will likely drop too. I don't know how the powerful cabal seems to be able to affect most everything globally like that... probably because they have so many willing people in the highest positions of both govmints and corporations.