Posted on 06/15/2022 11:11:09 AM PDT by American Number 181269513
The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday, its biggest move since 1994, as the central bank ramps up its efforts to tackle the fastest inflation in four decades.
The big rate increase, which markets had expected, underlined that Fed officials are serious about crushing price increases even if it comes at a cost to the economy.
(Excerpt) Read more at nytimes.com ...
kee-ripes!!
That’s huge.
Does this mean our credit card interest rates will also go
up roughly 0.75%.
...everything will go ‘up’ ...
That’ll help...
/s
But I thought the inflation was “transitory?”
Since most credit cards have a variable interest rate, there’s a direct connection to the Fed’s benchmark, so short-term borrowing rates are already heading higher.
Credit card rates are currently 16.61%, on average, significantly higher than nearly every other consumer loan and may closer to 19% by the end of the year — which would be a new record, according to Ted Rossman, a senior industry analyst at CreditCards.com.
The soft landing just got a little bumpier.
Building back better, eh Sleepy Joe?
I have balance transfer offers on two of my credit cards. Discover had two versions right now. one with a fee and one without. So far they haven’t changed the offer nor has Capital One. Going to check it tomorrow and see if they have changed it
Big Lou’s and Fat Tony’s rates haven’t changed
This will slow the economy but inflation is also from energy going up so much. What they gonna do about that?
Thanks for the post.
So not only do folks have to pay for inflation, their money
will deflate rapidly as they have to spend more to cover
increased interest.
What a sell plan. /s
That article is hilarious.
People should “increase their savings.”
How the $#@$#! are they supposed to that with among all of this economic destruction?
Looking at the SM I assume dem Billionaires are buying just because:-)
The thing of it is that a large part of this inflation isn’t related to monetary policy, but energy policy. The relative unavailability of energy can, by my way of thinking, mimic the monetary kind, since the cost of everything is related to the price of energy.
stuff mainly costs more NOT because there’s too much money (there is, but the CryptoTulip crash is taking care of THAT excess), but because energy is the primary input into everything that makes up modern living, including resource extraction, resource refining, manufacturing, transportation, farming, fertilizer and agricultural chemicals, food preservation, medical care, communications and telecommunications, computing, internet, online commerce, construction and construction materials, clothing, and heating and cooling ...
dementia joe’s energy policies have been DELIBERATELY designed to curtail domestic energy production, driving energy prices through the roof, thus making EVERYTHING cost more ....
monetary policy can NOT fix the energy shortage, and thus is the wrong remedy for the wrong problem, and the Fed is fighting the previous inflation war ... however, raising interest rates WILL crash the economy, which is exactly what is going to happen now ...
[even a well-meaning moron will make the correct decision 50% of the time simply by flipping a coin, but since dementia joe and his minions are nearly 100% wrong all the time, it HAS to be deliberate!]
It’s not enough.
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