(ReclaimingAmerica.net) – Breaking Now: For the first time in three years, the United States Federal Reserve System will raise interest rates.
The Federal Reserve is the central banking system of the United States of America.
Based on the Federal Reserve Board minutes, the increase is expected to be the first in a series of increases being employed to dampen skyrocketing inflation.
As National Review notes:
“The Federal Reserve announced on Wednesday that it will raise interests rates by a quarter of a percentage point, hiking rates for the first time since December 2018 in an effort to curb rising inflation.
“Following their March meeting, Fed officials said in a statement that the Federal Open Market Committee would raise the benchmark federal funds rate in order to cool an overheated economy, bringing the rate to between .25 and .5 percent.
“‘With appropriate firming in the stance of monetary policy, the committee expects inflation to return to its 2 percent objective and the labor market to remain strong,’ the Fed said in its March statement, adding that the committee ‘anticipates that ongoing increases in the target range will be appropriate.'”
Americans have been enjoying interest rates close to record lows for years. As rates rise, everything from financing automobiles to homes will become more expensive.
This is a breaking news report.
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