The Federal Reserve just hiked rates because the world is a mess
After three years of sitting on their hands, the central bank finally blinked as inflation refuses to take a hint.
So, the Federal Reserve finally did it. After staring at the same numbers for three years, they hiked interest rates again. Apparently, keeping everything steady wasn't working, mostly because the world outside is currently a dumpster fire.
The issue? Iran is in total chaos, oil prices are back to being a nightmare, and your gas money is evaporating even faster than usual. The committee basically admitted that everything is getting more expensive, and their old plan to wait it out is officially dead.
Meanwhile, Donald Trump is screaming into the void of social media that rates should be basically zero, because why not? He’s the one who tapped the current chairman, Kevin Warsh, but apparently, he’s not a fan of the actual math involved. Watching the people in charge try to steer the economy while global supply chains collapse is like watching someone try to fix a jet engine with a butter knife.
It’s nice to know that while your bank account is getting squeezed, the guys in charge are just arguing about how hard to pull the lever.
Source: Federal Reserve
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