Federal reserve chairman Jerome Powell raised interest rates .25% on Wednesday in a very week attempt to slow down the record inflation hitting the country.
This was one of the few interest rate hikes during a democrat administration. The Fed typically raises rates only for Republican presidents.
The inflation rate under Joe Biden has reached 40 year highs in recent months. This minimal interest rate hike will do nothing to slow down the runaway inflation.
Powell said the US inflation rate will take longer than expected to reach the 2% goal.
JUST IN – US inflation will ‘take longer’ to return to 2% goal: Fed’s Powell
— Insider Paper (@TheInsiderPaper) March 16, 2022
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