For the second consecutive meeting, the Federal Reserve has decided to hold interest rates constant. Just as it did in 2021, the Fed's monetary policy is shockingly irresponsible.
For the second consecutive meeting, the Federal Reserve has decided to hold interest rates constant. Just as it did in 2021, the Fed’s monetary policy is shockingly irresponsible.
Finally, in June 2022, the Fed remembered that price stability was its primary goal. It began to aggressively raise interest at each meeting. But by year end, it slowed the interest rate increases. By September of this year, it paused the interest rate hikes.The Federal Funds Rate is currently in the 5.25% to 5.50% range. That is not high enough to take the excess demand out of the economy. Economic growth was nearly 5% last quarter. Consumer credit card debt now exceeds $1 trillion.
The UAW has a contract that provides this generous increase for each of the next four years. That means the 7% number may become the standard for the next four years. Unless worker productivity increases by 7% annually , labor costs will increase for manufacturers.
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