Commentary: Powell Won’t Admit How America Got into Such Dire Economic Straits in the First Place

The Federal Reserve’s decision to raise target interest rates by 75 basis points for the third time this year following a Wednesday meeting of the Federal Open Market Committee all but ensures American families’ financial pain will continue and our current recession will likely drag on.

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Fed Hikes Interest Rates for Third Time in Four Months

The Federal Reserve has raised target interest rates by 75 basis points for the third time this year following a Wednesday meeting of the Federal Open Market Committee.

The new target range for the federal funds rate is anywhere between 3% to 3.35% up from the current 2.37%, making it the most aggressive hike since the early 1980s. The Federal Reserve is expected to continue this trend into March of 2023 as an attempt to curb ongoing increases in inflation, CNBC reported.

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Commentary: Inflation Can’t Be Censored

An increasingly disturbing feature of American politics is the routine suppression of major news stories that reflect poorly on candidates favored by the Fourth Estate. The most egregious example in recent years occurred in October of 2020 when corporate news outlets and social media platforms colluded to bury a New York Post article on Hunter Biden. Fortunately, some stories just aren’t susceptible to such censorship. Inflation is a case in point. It can’t be hidden from the voters because soaring prices shout the bad news from every grocery store shelf and gas pump in the nation.

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Central Bank Expected to Raise Interest Rates Wednesday

Person counting cash

The Federal Reserve is expected to raise interest rates after its meeting Wednesday to combat the country’s soaring inflation, Axios reported.

The central bank is believed to raise its target fed funds rate by a quarter percentage point from zero after the end of the two-day meeting ending Wednesday, Axios reported. The Fed’s decision will outline the bank’s monetary policy for the near future and determine whether the U.S. economy enters a recession or continues surging price hikes, according to Axios.

Inflation has soared to nearly 8% year-over-year as of February while unemployment stayed below 4%, indicating that the Fed has been behind the curve in its effort to address sustained inflation, Axios reported. Federal Reserve Chairman Jerome Powell is now reportedly tasked with fixing a delicate economy without crashing it despite a war in Ukraine and renewed COVID-19 lockdowns in China.

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Federal Reserve Chairman Powell Announcing Increase in Interest Rates This Month

Federal Reserve Chairman Jerome Powell will announce Wednesday that the central bank will begin raising interest rates this month – in an attempt to curb rising inflation expected to further increase as a result of Russia’s invasion of Ukraine.

In prepared testimony to a congressional committee, Powell says the Fed will “need to be nimble” in responding to unexpected changes resulting from the invasion and the resulting sanctions, according to the Associated Press.

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