The interest rate hike tonight is expected to be half a percent, and to be the most dramatic since the high-tech bubble burst in 2000. This is part of the bank’s efforts to respond to repeated calls to raise interest rates as soon as possible to combat rising US inflation, which has already reached its highest level. That’s about four decades. For example, JP Morgan Chase Investment Bank CEO Jamie Damon claims the central bank should have raised interest rates earlier.
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Earlier in the day, US Treasury Secretary Janet Yellen spoke at an event on the Wall Street Journal, saying “I believe we are going to see steady growth in the coming year,” but added that for that forecast to materialize, the Federal Reserve will have to act. In “Skill” and “Lucky” to successfully navigate the economy to a “soft landing” from the crisis threatening to break out.