The U.S. Federal Reserve on Wednesday raised its benchmark interest rate by 75-basis points for the first time in nearly three decades in an attempt to cool inflation not seen in over 40 years.
Megan Henney for FOX Business:
The 75-basis point hike – the first since 1994 – underscores just how serious Fed officials are tackling the inflation crisis after a string of alarming economic reports. The move puts the key benchmark federal funds rate at a range between 1.50% to 1.75%, the highest since the pandemic began two years ago.
Officials also laid out an aggressive path of rate increases for the remainder of the year, with new economic projections released after the two-day meeting showing that policymakers expect interest rates to hit 3.4% by the end of 2022, which would be the highest level since 2008.
Stocks rallied following the announcement.
A dismal Labor Department report last week showed the consumer price index rose 8.6% in May from a year ago, the fastest pace of increase since December 1981, dashing economists’ hopes that the inflation spike was starting to fade. And a different survey released Monday showed that households are bracing for notably faster price increases – a worrisome sign because Fed officials believe such expectations can be self-fulfilling.
[Federal Reserve Chairman Jerome] Powell signaled that a half-point or three-quarter point increase is most likely in July, though he reiterated that officials will make their decision on a meeting-by-meeting basis.
MacDailyNews Take: Hopelessly reactive and still too slow – from the geniuses who brought you “transitory.”
This January, Interactive Brokers founder Thomas Peterffy said, “Inflation is 7% — 1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
When the so-called “experts” were calling inflation “transitory” [was it a] joke, ignorance, or lie? – MacDailyNews, April 11, 2022
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.
The chickens are coming home to roost for the Democrat party whose rubber-gloved paid mules won’t be able to stuff drop boxes at 3am quickly enough to matter this time.
With Hispanics voting Republican, Biden’s puppeteer will have the southern border closed by noon tomorrow.
Probably millions of fraudulent votes – One can’t trust elections these days can we 😀
Bidenflation runs rampant up the plane stairs, trips thrice. Economy stumbles
You don’t understand how inflation is managed, do you?
Hillary Clinton certainly feels that way. She still claims 2016 was stolen.
No, she doesn’t. She conceded the election as soon as the electoral college decision was clear. She honored the Constitutional process. Dimwit Orange living in lala land doesn’t understand the Constitution and has been embarrassing himself every day since he lost.
Don’t believe it? Ask Pence. Ask Barr. Ask any Constitutional scholar. Ask any sitting judge.
You must be extremely hurt to manufacture false what about claims about Clinton.
There are plenty of reasons to not vote for Clinton, but there are infinitely more reasons to NOT vote for Dumbo Donny. Maybe someday you will understand.
“Dumbo Donny” Next you’re going to tell us Biden is an awake, cognizant, around the clock super genius solving ALL OUR PROBLEMS.
Get a grip, dumbbell…
First/Sam/Lie Detector doesn’t understand that the Federal Reserve is an independent agency operated by economists, not politicians. The current Fed chairman is the same as Orange Dumpty presided over. The inflation rate is a trailing indicator that tells us lots of cash is seeking limited supply. This year it’s been compounded by Putin’s war, the accumulated mess of 4 years of bad US trade policy confrontations, and the factories in China running slow due to their continued COVID issues. Literally no human in the world would please Mr. Daily Whine, but he still feels the need to scapegoat all things on the other party. That is sooooooooo effective ay solving the issues, isn’t it?
Unfortunately facts won’t save this idiot from his daily tantrums.
Yeah right dementia Joe’s disaster has nothing to do with the economy. Want to buy a bridge?
dear Another Day: Indeed, you are “just another day.” The 3 posters you listed didn’t even mention the wrong points you made about the FED. Read a book titled “The Creator From Jekyll Island” so you can learn the real facts about how the phony vote went to saddle Americans with the onerous Federal Reserve. Funded by J.D. Rockefeller to weaken the citizens’ ability to defend themselves against his predatory capitalism. Just look how the Silicon Valley oligarchs behave today and multiply his money:power ratio over the ordinary Congress critters and relatively poor Americans of his time.
The country’s founders and most presidents prior to 1911 knew that a central bank would eventually impoverish our citizens. Jefferson even wrote about it. And you are wrong. The FED is actually controlled by member bankers/banks and they don’t have our best “interests” (a little pun, there) at heart. Over the past 100 years they and our Treasury have eroded the purchasing power of our dollar by 99%; and their insiders both in finance and politics have profited when they created recessions, booms, and depressions because they knew first when to sell and then buy back at pennies on the dollar. Look at what fools Alan Greenspan; Ben Bernanke, and more recently Janet Yellen have proved themselves to be. Or, actually, they want to appear to not have known that our retirement account and stock accounts are being raped while they looked the other way.
The US Dollar has been strengthening against other foreign currencies since Putin started his little spat. But don’t let facts stop you from investing in a different currency that aligns with whatever your handlers tell you is better.
What could go wrong with a government run by “experts”? I challenge you to name one time they have gotten something wrong. I’ll wait.
Huh??
Nate, I presume you meant “right” not “wrong” in your posting. I’ll give you 5 stars on that assumption. Meanwhile, back in D.C.—————▼
Being an “expert” in government is actually a label that someone is a grifter of the highest order and gets rich by advanced info on investment sweetheart deals and looming interest rate changes. Remember Hildabeast’s cattle futures deal back around the early 2000s? And her advanced notice enabled her to invest in CLNE when the feds were supposed to switch to natural gas-powered vehicles (which didn’t happen except on a smaller gov’t. scale with buses and garbage trucks—but she made $ anyway until the stock dropped later); and Harry Reed who became wealthy and owned numerous properties despite a meager senator’s salary? Aaaaahh, and then there’s crooked Joe. King of the grifters and his China, Ukraine and other enrichments schemes…. “Don’t get me started!”
Time to get an electric car. It wouldn’t help with inflation, or fuel costs, but it would make us all feel better, maybe.
We are in a period of challenge, with answers from leadership commonly being mostly non-effective. Now, the answers are not only ineffective, they are most often stupid, foolish & delivered from the elite mindset. The Prez is consistent with above, but add “lies” to the list. Just obviously dumb lies (his words on reasons for inflation, for ie)
Electric cars are powered by oil, gas and nuclear fuels. You know that RIGHT????????????????
Even the lowliest imbecile can read the truth: an EV can easily achieve 4-5 times the fuel efficiency of the equivalent ICE vehicle. That is literally energy independence for a high consumption country like the USA. But on top of that, coal is dead. Natural gas power plants are dramatically less polluting than thousands of unmonitored/ uncorrected individual vehicle emissions. But wait, there’s more! The fastest growing sources of power in the world are solar and wind, which have negligible air pollution impacts.
Some of us prefer clean air, why don’t you?
November will be here before you know it. 🙂
And, one has to be in the upper percentile to afford an EV. Take the subsidies away and the able-to-buy slice becomes smaller. “Even the lowliest imbecile can read the truth: an EV can easily” cost the above $$ avg person an entire yr’s wage.
Though coal is dirty it’s FAR from dead. What do you think India and China are doing in these times? Coal plants are growing rigorously. Look at a coal stock like DIG and compare it to XOM (oil). It ain’t dead.
In all of time, humans don’t give a F how pretty, how clean, how “acceptable” something is when it comes to survival. And, yes…outside of your comfortably controlled climate abode, some people are acting with survival instincts…not motivated by some idiotic fear driven by the non-science girls; Greta or AOC.
Please learn that some can hold two seemingly diverse opinions simultaneously…like being a conservationist and a realist. I do value and take steps that keep clean our planet.
The Rest of the Story, Shame that all you can do is regurgitate the bs from the communist news instead of thinking on your own. You are a perfect example of failing schools, coincidentally, mostly run by libturds
Only a fucking idiot would not realize that the production of electric to run those coal powered cars are just as bad as the emissions from gas cars.
Get your head of of the communist news network’s ass
“Coal is dead”…. heh… Monday was driving in Nebraska – within a 45 minute span saw 3 extremely long coal trains heading to make electricity… “coal is dead”… heh…
“The following week, I fill up my Jetta at a local Shell station. Gas is up to $4.08 a gallon.
I inhale deeply. Fumes never smelled so sweet.”
https://www.wsj.com/articles/i-rented-an-electric-car-for-a-four-day-road-trip-i-spent-more-time-charging-it-than-i-did-sleeping-11654268401
or for you nonsubcribers to WSJ
https://www.breitbart.com/environment/2022/06/07/wsj-electric-vehicle-road-trip-a-disaster/
EV’s are out of the price range of over 90% of Americans, moron. Wind and Solar will never be the dominant source of energy in the future, get a grip.
Nuclear, Hydrogen or Natural Gas can power the world. EV’s pollute the world with batteries, exotic minerals and use of coal for over half of electricity produced is not the Green Dream answer.
Political 50 year grifter experts like Biden with vast experience sold out TRUE clean energy…
Ergo, everything you buy including Apple products pollute the world with batteries, exotic minerals, and the use of coal. LITERALLY every product you buy. But this is today, and what we do today doesn’t have to be how we do things tomorrow.
I don’t know why I bother to enter into discussions here but it’s clear people like you are very good at spreading misinformation. Someone has to challenge your sweeping assertions, because on EVs, you are blatantly wrong. The average price of the new vehicle sold in the USA in 2022, according to Kelley Blue Book, is over $47,000. The midsize VW ID4 electric sedan starts at $41,230 before any tax rebates. Test drive one. This is a very good commuter car or family sedan for suburban and urban drivers. Not huge enough for your lifestyle? Ford is advertising the F150 Lightning pickup starts at $39,974. Chevy’s upcoming Silverado EV is also advertised to start at $40k. Of course you can choose to buy the gussied up poseur luxury barges, but that’s your personal choice. I strongly disagree with your assertion (as usual, without factual reference), that “EV’s are out of the price range of over 90% of Americans, moron.” You and your friends here are not dealing with facts or trends.
What you call a “Green Dream” is actually DOMESTIC JOBS. The USA can’t afford to be a laggard if it wishes to remain relevant in the next century. Like it or not, the market is global and the USA needs to keep up with next-generation technologies which absolutely will include EVs and less-polluting electric power generation. I don’t understand anyone who yells incessantly that the USA needs to be great again, but proposes that the USA should only use technologies that were invented 50 or 100 years ago. The USA needs to put millions of people to work replacing the worn-out infrastructure that is wasteful and inefficient today, and no matter what you or Manchin think, those good jobs are not at the bottom of a played-out coal mine in PA or WV. At some point in the next century the USA will have to learn how to power itself via sustainable means when the base load fuel of choice, natural gas, has played out, and cheap oil for transportation is long gone. Why not start now, providing jobs for smart people that want them?
Bravo!
It’s an unusual delight to see someone informed by reality take the time to post on this site.
Actually, agree with some of your points.
“At some point in the next century the USA will have to learn how to power itself via sustainable means when the base load fuel of choice, natural gas, has played out.”
YES, the NEXT CENTURY!!! Not jamming it down our throats NOW when we are not ready financially and infrastructure is sorely lacking. Biden is not doing anything substantial except to preach the green dream because he is scared sh*tless of the reaction from AOC and the rest of the green mob mentality EXTREME leftists.
Natural gas is not the base load fuel of choice, dirty electricity is as Biden the grifter sold out the TRUE sources of green energy Hydrogen, Nuclear, Natural Gas to line his pockets.
“cheap oil for transportation is long gone.”
Put Trump in office 2024 and you would be dead wrong. Price of oil per barrel under Trump hit $18.00 in April 2020. Cheap oil is gone, at least for now, because Biden closed pipelines and refuses to drill and help oil companies in the U.S. compete globally. A complete REVERSAL from Trump’s policies making U.S. energy independent. Selectively using half-truths and not telling the whole story you should be advised is lying by omission.
“Why not start now, providing jobs for smart people that want them?”
As I said, the grifter already sold us out pushing EVs over everything else. So, it has already started in an awkward incomplete way.
“Jobs for smart people?”
Biden closed the Keystone Pipeline on the first day of his presidency. He promised workers losing their jobs high paying green jobs. 1.5 years later — where are they? Answer: More WORTHLESS Biden gum flapping — they don’t exist.
I’m all for green energy! But unfortunately, for over two years we have to contend with the the most clueless, brainless, INCOMPETENT president to get it done. Not going to happen anytime soon…
Another moron until the rolling blackouts begin because America has a garbage grid. Electric vehicles are not the answer. Maybe part of the solution along with hydrogen. I cannot believe we have the most incompetent old moron in the world running this country. I think we should test it Washington Oregon and California everyone must own an electric vehicle let’s see what happens!
Why are you on a Mac website? Isn’t there a rally against LED lightbulbs that you should attend?
If the USA could evolve a personal computer from the size of a suitcase to a pocketable device in less than 30 years, we could switch from imported oil burners to EVs in half that time without breaking a sweat. The tech exists. It’s selfish backwards thinking oligarchs and their misinformation networks holding people back.
and you are super bright 😀
Interesting.