Fed makes biggest rate hike in 28 years to fight 2022 inflation
Fed makes biggest rate hike in 28 years to fight 2022 inflation
Abstract
The Fed’s latest action is an aggressive one and it plans to have similar hikes over the remainder of 2022. The war in Ukraine, excessive energy prices and enduring supply chain difficulties continue to keep inflationary pressures on the economy. The U.S. inflation rate grew to 8.6% in May, its highest rate since December 1981, according to the Bureau of Labor Statistics. The FOMC wants to return inflation to 3%. The Fed is prepared to adjust its monetary policies.
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