The Federal Reserve has announced a quarter-point hike in the interest rate. It's the first rate increase since 2018 as the central bank looks to rein in inflation. alabamanewsnetwork
"Although the invasion of Ukraine and related events represent a downside risk to the outlook for economic activity, FOMC participants continue to foresee solid growth as shown in our summary of economic projections," Powell said.
"I guess I would say that the expectation is still that inflation will begin to come down in the second half of the year," Powell said. As the Federal Reserve raises the federal interest rate, borrowing costs are going to go up for consumers. For credit card holders, a first increase of 0.25% may be inconsequential but multiple rate hikes over the next year or so could add up.
Should the Fed be more aggressive with raising interest rates moving forward, coupled with tightening spending power fromeconomists have warned the chances of a recession next year have gone up.
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