US credit-card rates have soared past 20%, mortgage costs have climbed to the highest since 2008 and companies are having a harder time borrowing money.
The Federal Reserve’s aggressive rate-hiking cycle to tame decades-high inflation is expected to take months to fully filter through the economy. But the impact has been immediate for the millions of people who need a loan today to pay bills, go to college, buy a home or expand their business.
That’s because the federal-funds rate, which the central bank raised by the most since 1994 this week, is a benchmark for debt that affects consumers and companies big and small in everyday life.
Thank the Biden COUP 2020 !!!!!
And it will continue into the holiday season. Being able to get back out of our homes was only 1 step of recovery. So many received handouts, left the workforce (which had to halt for months) and restarting will have ripple effects for a while.
Weathering this bad storm will be the only relief. Obtaining gas fed “tax” relief or more handouts will only kick that can further down the road. AND in doing so, when Nov 2024 takes place the mess will be handed down and finger point from the other side will begin.
This awful rut we are in needs to end!