WASHINGTON, June 15 – The Federal Reserve raised interest rates this week by three-quarters of a percentage point, in an effort to stop inflation from getting out of control. The central bank projected that unemployment will continue to rise in coming weeks while economic growth slows. Both factors largely factored into the Wednesday decision.
The recent hike from the U.S central bank was largest in twenty years, and it came after data showed little progress in battling inflation during this time period.
The Federal Reserve has made it clear that they’ll be raising interest rates much more quickly than expected, a viewpoint that been increasingly adopted by financial markets.
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.