The Federal Reserve will decide on interest rate hikes ‘meeting by meeting’

WASHINGTON — Federal Reserve Chair Jerome Powell on Wednesday underscored the Fed’s determination to raise interest rates high enough to slow inflation, a commitment that has fanned concerns that the central bank’s fight against surging prices could tip the economy into recession.

The Fed’s accelerating pace of rate increases — it started with a quarter-point hike in its key short-term rate in March, then a half-point increase in May, then three-quarters of a point last week — has alarmed investors and led to sharp declines in the financial markets. Biden is expected on Wednesday to call on Congress to suspend U.S. gas and diesel taxes to reduce the sting of high fuel prices, which are averaging nearly $5 a gallon. Many economists are skeptical that consumers will see the full benefit of a tax holiday on the 18.4 cent per gallon gas tax.

Warren said that Biden’s efforts to fight inflation, such as trying to clear clogged supply chains and increasing the use of antitrust rules to break up monopolies, would more effectively fight higher prices.Fed rate hikes, though, can only slow demand, which will raise unemployment and weaken growth, Warren said.

Fed officials hope that such changes will help achieve their goals of cooling demand enough to slow the economy and moderate price increases. In his testimony, Powell said the higher interest rates “should continue to temper growth and help bring demand into better balance with supply.”

Source: Loan Digest (loandigest.net)

My prediction....pain.

Anything on this fine democrat? Didn’t think so…..

Another failure on purpose. FJB

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