nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,581
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Post by nidena on May 3, 2023 16:10:54 GMT -5
Fed Hikes Rates by Quarter Point, Powell Hints at Possible PauseThe increase lifted the Fed’s benchmark federal funds rate to a target range of 5% to 5.25%, the highest level since 2007, up from nearly zero early last year.This sucks for anyone who is trying to survive off shitty wages and has to resort to credit cards just to make ends meet.
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Opti
Community Leader
Joined: Dec 18, 2010 10:45:38 GMT -5
Posts: 39,694
Location: New Jersey
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Post by Opti on May 3, 2023 16:29:30 GMT -5
Wrong move. This is using a big ass hammer when something more subtle like a small Phillips head screwdriver is needed. It will be a boon for those on fixed incomes that have the time and ability to move their money to better paying investments. But for the working poor, it's another kick in the head. It's not the working poor that are driving inflation.  Of course raising interest rates will help bank stability. NOT. |
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