66º

Federal Reserve raises interest prices by three-fourths of a point

This is the third hike in interest rates this year

RICHMOND, Va. – The federal government is taking steps to heal the economy as prices for everyday necessities continue to rise.

On Wednesday, the Federal Reserve raised interest rates another three-fourths of a point.

This is the third hike in interest rates in 2022 alone, with the government trying to avoid a recession.

But some politicians fear that it is too little too late when it comes to combating inflation.

“The most powerful tool that can be used against inflation, and this is whether it’s a Democratic president or a Republican president, is slowly raising interest rates. And I think the FED waited too long,” Senator Mark Warner said. “This is as much an art as it is a science.”

The hope is that with increasing interest rates, spending will decline, causing prices of everyday goods to eventually fall.


About the Author

Abbie Coleman officially joined the WSLS 10 News team in January 2023.

Recommended Videos