Federal Reserve Hike Threatens Recession
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Federal Reserve Hike Threatens Recession
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The Federal Reserve is raising interest rates to combat inflation, but experts say it could cause a recession. It’s time to pray.
From CNBC. The Federal Reserve on Wednesday is expected to do something it hasn’t done in 28 years — increase interest rates by three-quarters of a percentage point.
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In response to soaring inflation and volatile financial markets, the central bank will hike the rate that banks charge each other for overnight borrowing to a range of 1.5%-1.75%, where it hasn’t been since before the Covid pandemic crisis began.
That rate feeds through to consumer borrowing, impacting virtually all adjustable-rate products such as credit cards and home equity loans….
Following the FOMC meeting, Fed Chairman Jerome Powell will address the media. The decision is due at 2:00 p.m. ET and Powell will speak 30 minutes after that.
Powell will be called on to explain the Fed’s recent shift in rate expectations. He and other officials had been pushing the narrative that consecutive rate increases of 50 basis points would be the most likely course….
Now, Powell could provide indications that multiple 75 basis point hikes are possible if inflation readings don’t start to come down.
How are you praying for our economy? Share your thoughts and prayers below.
(Excerpt from CNBC. Photo Credit: Canva)
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Raising the rate is *not* the real problem: the problem is what it has been since the Federal Reserve was instituted as a quasi governmental institution: the currency is not backed with any solid asset. The Constitution suggested coining money for a reason- They tried the printing press version of money, and it failed, miserably. (which is why we had the expression, not worth a Continental, for much of the Revolutionary war, and why money was to be coined, not printed.) Compared to a Silver Dollar, we have about 3% of the purchasing power that was available in 1913, mostly (if not completely) due to the Federal Reserve’s monetary policies. When a currency is not based on valuable items, like platinum, gold, silver or even copper, the currency becomes a varying weight and measure, which is condemned by God. “‘You shall do no wrong in judgment, in measurement of weight, or capacity. You shall have just balances, just weights, a just ephah, and a just hin; I am the Lord your God, who brought you out from the land of Egypt. ” Leviticus 19:35-36
I would also like to point out here that the banks, rich, and those who are in government itself get the benefit of using the money before it becomes devalued.