the staff of the Ridgewood blog
Washington Dc, the Federal Reserve announced another steep interest rate hike Wednesday, ramping up its efforts to bring inflation down from four-decade highs.
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The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for monetary policy, said Wednesday it would boost the central bank’s baseline interest rate by 0.75 percentage points to a range of 2.25 to 2.5 percent. The Fed has now hiked interest rates by 75 basis points twice over the past two months, a remarkably fast increase that is likely to slow the economy.
Federal Reserve Chairman Jerome Powell said on Wednesday he does not believe the U.S. economy is in a recession as the central bank raised rates further to fight inflation.
“I do not think the U.S. is currently in a recession and the reason is there are too many areas of the economy that are performing too well,” Powell said at a press conference following the Fed’s decision to raise rates by 0.75 percentage point for a second consecutive time. “This is a very strong labor market….it doesn’t make sense that the economy would be in a recession with this kind of thing happening.”
Bidenflation caused this. Liar Biden said he wouldn’t raise taxes.
So what do you call paying more interest on mortgages, more interest on consumer loans, more interest on credit cards? Highest gas and food prices in decades? Those are called indirect tax increases and you caused it, Biden.
Stop voting Democrat and then we can fix the colossal mess they’ve made.
What a mess we are in
Maybe if you didn’t print trillions of dollars in the last three years, we won’t not be in this situation.