Jerome Powell Raises Interest Rates O.25% in Weak Attempt to Curtail Runaway Inflation – Very Rare Interest Rate Hike During a Democrat Administration

Federal reserve chairman Jerome Powell raised interest rates .25% on Wednesday in a very week attempt to slow down the record inflation hitting the country.

This was one of the few interest rate hikes during a democrat administration. The Fed typically raises rates only for Republican presidents.

The inflation rate under Joe Biden has reached 40 year highs in recent months. This minimal interest rate hike will do nothing to slow down the runaway inflation.

Powell said the US inflation rate will take longer than expected to reach  the 2% goal.

As we reported earlier —  Under Bush and Trump, the Fed increased rates numerous times.  Their rate increases in 2006 and 2007 helped exacerbate the 2007 housing bubble crash.  Their increases in rates under President Trump almost killed the economy in 2018, the strongest economy in US history.  The rates for Obama and Biden have been at zero for all their time in office with the exception of 2016, when the Fed increased the rates a quarter of a percent.  Under President Trump, the Fed increased rates eight times before moving back to zero during the COVID crisis in 2020.  They have remained at zero ever since.


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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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