Federal Reserve Raises Interest Rates Yet Again
(Washington, DC) — The Federal Reserve is raising interest rates yet again in a bid to fight inflation. The latest hike is three-quarters of a percentage point. Analysts had been expecting this kind of increase after the consumer price index, a key measurement of inflation, rose zero-point-one percent in August despite predictions of a slight decline. The target range for the federal funds rate is now three to three-and-a-quarter percent. It’s the highest level since 2008.
Big Bank CEOs Talk Inflation On Capitol Hill
(Washington, DC) — CEOs of the nation’s largest banks are talking about the impacts of inflation. During testimony on Capitol Hill, JPMorgan Chase CEO Jamie Dimon said you can’t spend six-trillion dollars and not expect to be dealing with inflation. Despite that, he said what the government did early on in the pandemic was good. Citigroup CEO Jane Fraser warned of tougher times ahead should interest rates remain at a high level. She warned of multiple consequences including saving rates going down.
