Rates are now at a 22-year high.
In its meeting Wednesday, the Federal Reserve increased interest rates by another quarter percent, still claiming the rate increases are necessary to slow inflation.
“The (Federal Open Market) Committee will continue to assess additional information and its implications for monetary policy,” they stated.
They said the economy is growing at a “moderate pace,” modifying their language from the “modest” pace they said in June. They also said the labor market remains “robust.”
As the Lord Leads, Pray with Us…
- For Chairman Powell and members of the Federal Reserve as they continue to address inflation by raising interest rates.
- For Commissioner Beach as he heads the Bureau of Labor Statistics.
- For Secretary Yellen as she leads the Treasury Department.
- For members of the National Economic Council as they advise the president.
Sources: Reuters, Forbes
