( Mark Pellin , Headline USA ) In a desperate attempt to slow runaway inflation and the disastrous economy that the Biden administration’s bungling and failed policies have created, the Federal Reserve on Wednesday jacked interest rates by a staggering three-quarters of a percentage point, the largest rate hike since 1994.
The move, an effort to tame inflation, will almost assuredly have a major impact on the financial realities of everyday life for thousands of businesses and households, with borrowing rates increasing the cost of everything from homes and cars to consumer goods.
Fed Chairman Jerome Powell conceded the 75-basis point hike was steeper than what officials had hoped, but claimed they were left with few options after last week’s horrendous inflation report showed prices skyrocketing.
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