Fed Approves , Fourth Consecutive , Rate Hike .
On November 2, the Federal Reserve
approved a fourth straight rate hike
of three-quarters of a percentage point. .
On November 2, the Federal Reserve
approved a fourth straight rate hike
of three-quarters of a percentage point. .
CNN reports that the hike comes
as part of the Fed's aggressive efforts
to bring down record inflation.
The hike brings the central bank's
lending rate to a target range
of 3.75% to 4%. .
According to CNN, it's the highest
the Fed funds rate has been
since January of 2008.
The decision, which comes following a two-day policy
meeting of the Federal Open Market Committee, is likely
to deepen the economic pain of millions of Americans.
CNN reports the move could
also trigger a recession.
According to the agency's November statement, the Fed , “anticipates that ongoing increases in the target range
will be appropriate in order to attain a stance of
monetary policy that is sufficiently restrictive
to return inflation to 2 percent over time.”.
In determining the pace of future increases
in the target range, the Committee will take
into account the cumulative tightening
of monetary policy, the lags with which
monetary policy affects economic
activity and inflation, and economic
and financial developments, Federal Open Market Committee statement, via CNN.
CNN reports that mortgage rates have reached levels
unseen in almost 20 years, while the sale of
newly-constructed homes is down 17.6% from last year.
Meanwhile, job openings surged in September,
with 1.9 job openings for every available worker.