The Federal Reserve raised interest rates Wednesday by 0.75 percentage points, the fifth rate hike this year in the central bank's crusade to tame inflation. Mr. Powell stressed that Americans are already suffering from rising prices, and low-income people have been hit the hardest. "I wish there were a painless way to do that," Mr. Powell said.
The goal of the latest interest rate hike from the Federal Reserve? To avoid a deep recession "by acting with resolve now," according to Chairman Jerome Powell. A century ago, the Federal Reserve created billions of dollars for the government to spend on World War I, then led us into a recession in 1920 with steep interest rate hikes in its attempt to cool off the…Read more