WORTH THE READ
Fed Rate Hike
May 9, 2022 - 1 MINUTE READ
The Federal Reserve last week stuck to their original plan and raised interest rates by 0.50%, continuing their ongoing efforts to combat inflation. This move was expected by most Wall Street economists, with more hikes expected during the Fed’s June and July meetings.1
Fed chairman Jerome Powell did say he felt the U.S. economy was performing well and could support upcoming rate increases without being driven into a recession. The Fed is targeting a 2% inflation rate, with current inflation running about three times that.
Getting a handle on inflation is the Fed’s top priority, as consumers have felt the increase in prices on groceries, gasoline, and energy.1 We will continue to monitor the situation closely and keep you informed every step of the way.