The increase will be the Fed’s fourth rate hike to help cool down the economy and lower prices, which are surging at 40-year highs.
the fourth hikeSo far, the Fed has seen few reassurances that its souped-up rate hikes are working, with households feeling the strain of costlier rent, groceries and gas. Inflation in Juneforcefully to slow the economy.
“The Fed is now stuck between a rock and a hard place, with no easy way out without the economy feeling pain,” Diane Swonk, chief economist at KPMG, wrote in an analyst note this week. “Fed Chairman [Jerome H. Powell] has started to underscore that reality by admitting a recession could occur.”Interest rates are the Fed’s most important
tool for combating inflation. Higher rates make a range of lending — including mortgages and business loans — more expensive and are designed to cool demand in the economy.has already started slowing down parts of the economy. Chief among them: The run-up in rates is taming theA cool-down is apparent in other parts of the economy as well.
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