There's been plenty of discussion about federal rate hikes to control the pace of inflation, but how do these rate hikes affect you?
In the coming days, you will hear more about the upcoming Federal Reserve meetings on July 26 and 27, where it will decide whether to raise interest rates for the fourth time this year.
“Part of the issue is that as an inflation control strategy, interest rate hikes are not so great right now,” said Josh Bivens, research director at the Economic Policy Institute in Washington D.C. “I think a lot of the sources of inflation we’re seeing are things that interest rate hikes aren’t going to really get at.”
“I would just sort of tell people to discount the last inflation number they heard much more than they usually would because we just know so much of it is obsolete,” he said. “So much of the price pressure is oil and food and those prices have gone in a very different direction in the past two to three weeks.”
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