The era of cheap money is over, and other takeaways from the Fed's latest rate hike
The Federal Reserve raised interest rates again on Wednesday – and suggested two more substantial increases are coming before the end of the year – as policy makers wage war against inflation, still running near 40-year highs.
In August, the unemployment rate stood at 3.7 percent across the nation, and 4.1 percent in Texas. Consumer prices, however,Fed Chairman Jerome Powell has made no secret that tackling inflation remains his top priority, even in the face ofand across the nation. In August, he said that he’s going to keep fighting even though higher interest rates and slower growth will bring “some pain” to households and businesses alike.
“We think that we’ll need to bring our funds rate to a restrictive level and keep it there for some time,” he said Wednesday, at a press conference, adding: “No one knows if this process will lead to a recession.”In advance of the Fed’s announcement Wednesday, the Dow Jones Industrial Average was up 147 points. The Nasdaq Composite index and the S&P 500 were both up nearly 1 percent.
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