What The Fed Just Did With The Interest Rate Is Going To Ruin Your Day

In news that’s probably going to totally ruin your day, the Federal Reserve raised the benchmark interest rate on Wednesday by three-quarters of a point for the second straight time in the most aggressive upward drive in the last 30 years, all in a bid to try and put a leash on inflation.

Forgive me for my lack of eloquence here, but the Biden economy just plain sucks.

I think when you peruse the shelves at the supermarket, you’ll concur with my assessment. Nothing like having to sell off all your possessions in order to afford enough food to feed your family for a week, right?

And yet, for some reason, President Joe Biden thinks we’re all dumb enough to actually believe him when he says our economy is strong and not headed for a recession. If that’s the case, why suddenly change the definition of a recession?

Things that make you go, “huh.”

According to Newsmax, this move by the Fed will raise its key rate, which will end up having an impact on many consumer and business loans to a range of 2.25 percent to 2.5 percent, which is the highest level since 2018.

“The central bank’s decision follows a jump in inflation to 9.1%, the fastest annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation,” the report continued.

Newsmax then said, “The Fed is tightening credit even while the economy has begun to slow, thereby heightening the risk that its rate hikes will cause a recession later this year or next. The surge in inflation and fear of a recession have eroded consumer confidence and stirred public anxiety about the economy, which is sending frustratingly mixed signals.”

As the midterm elections continue to march ever closer, the unhappiness Americans are having with the current state of the economy is rubbing the shine off of the public approval rating of the president. And rightfully so, seeing as how all of these problems are due to his ineptitude and poor policies.
This fact is pointing ever more dramatically to the GOP taking control of both the House and the Senate this fall in a total repudiation of the current administration. And they absolutely deserve the proverbial political slaughter to come.
The Fed’s moves to sharply tighten credit have torpedoed the housing market, which is especially sensitive to interest rate changes. The average rate on a 30-year fixed mortgage has roughly doubled in the past year, to 5.5%, and home sales have tumbled,” Newsmax stated in its report.
However, at the same time, many consumers are starting to shave off spending from their budgets due to the high prices at the store. Businesses are reflecting that truth through a slowing down of sales.
The poor decisions made by the current administration are killing this country, and what’s worse, Biden and his flunkies don’t seem to care about what’s happening to regular Americans at all.
All that seems to matter to these people is pushing the agenda further and further. And that’s what will end up being their downfall.

This story syndicated with permission from michael, Author at Trending Politics

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