Fed Chair Jerome Powell is under pressure to tamp down inflation. The Federal Reserve implemented the largest hike to its benchmark interest rate since 1994 on Wednesday as officials frantically seek to tamp down the decades-high inflation hitting household budgets.
The rate-making Federal Open Market Committee announced the hike of 0.75%, or 75 basis points, at the conclusion of their two-day meeting. The hike moved the benchmark short-term rate to a range of 1.5% to 1.75%.
“Job gains have been robust in recent months, and the unemployment rate has remained low,” the FOMC said in a statement. “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.”
The 0.75% hike was in line with revised expectations after last week’s release of the Consumer Price Index for May . The federal data showed inflation accelerated to a higher-than-expected 8.6% last month, the sharpest rate since December 1981.
Wall Street had long anticipated another half-percentage-point hike – but the mood changed after a report surfaced that economic officials could implement an even larger increase due to alarming inflation data.
While a 0.75% became the consensus view, some, including hedge fund billionaire Bill Ackman, suggested the economy would be better served if the Fed took drastic action by implementing a 1% hike. Investors are skeptical that the Fed will be able to engineer a soft landing for the economy. Motorists have encountered record-high gas prices across the country over the last month as the national average surpassed an unprecedented $5 per gallon. Other necessities such as groceries and housing have also surged to their highest level in years.
Interest rate hikes make it more expensive for consumers and businesses to borrow money. The Fed is aiming to cool the economy and bring down inflation without tipping the country into […]
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
The economic downturn has forced me to make a plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our Giving Fuel. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
We currently operate:
- NOQ Report
- Conservative Playlist
- Uncanceled News
- Based Underground
- Five other conservative news sites
I would even be willing to entertain investments and partnerships at this stage. I’ve turned them down in the past because editorial purity is extremely important. I’ll turn them down again if anyone wants us to start supporting RINOs or avoid “taboo” topics like voter fraud, vaccines, or transgender supremacy. But I’d talk to fellow America First patriots who want to help any (or all) of our 10 news sites. Hit me up at jdrucker (at) substack (dot) com if you’re interested.
For those who have the means and just want to help keep the mission of spreading a conservative, Christian message to the nation, please consider a generous donation.