On Wednesday the Federal Reserve announced that it raised interest rates by 75 basis points for the second straight month to help counter the massive inflation occurring under the Biden administration.
BREAKING: The Federal Reserve raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation. https://t.co/sIsRWx1z3l
— The Associated Press (@AP) July 27, 2022
“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the Fed stated in a press release. “In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate.”
The Fed is also using the Russia-Ukraine conflict as a reason for the inflation.
“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the group noted. “Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks.”
Federal Reserve Chairman Jerome Powell has previously stated “inflation was high before, certainly before the war in Ukraine broke out" and that's not the main reason the inflation is happening.
While many experts are shocked by the inflation, the "experts" seem to be the only people who didn't see this coming.
Jerome Powell: "I think we now understand better how little we understand about inflation."
Host: "That's not very reassuring"
Jerome : "This was unpredicted"
Only the "experts" and the media didn't see this coming.
Just about everyone else did.Sound ON pic.twitter.com/6Gv35rXPrW
— Wall Street Silver (@WallStreetSilv) June 29, 2022
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