Photo: Hannah Gaber / USA Today
WASHINGTON DC, June 16, 2022 ~ US Federal Reserve Chair Jerome Powell announced that the Reserve is raising benchmark interest rates three-quarters of a percent, the most aggressive increase since 1994.
The move was made to slow skyrocketing inflation, and experts estimate a similar move will be made next month to further increase action.
“They are being told that it was due to the meat packers or Vladimir Putin … it’s none of that,” said Founder and CEO of Anderson Economic Group Patrick Anderson to 760 WJR‘s Tom Jordan and Kevin Dietz. “This is definitely the consequence of both federal government spending, and a fed policy that put too much money in the economy for too long, and then ignored all the warning signs.“
The increase will make buying homes more expensive, and increase credit card interest and car loan rates, but will restrain spending and slow the broader economy.
Listen below for the full interview with Patrick Anderson, as well as a conversation between Paul W. Smith and Ancora Advisors‘ David Sowerby, about the broader effects of the increase, and the steps needed to get the economy back on its feet.
June 16, 2022 ~ Founder and CEO of Anderson Economic Group Patrick Anderson talks with Kevin and Tom about the Federal Reserve raising interest rates.
June 16, 2022 ~ Ancora Advisors Managing Director and Portfolio Manager David Sowerby talks to Paul W. about the Federal Reserve decision to raise interest rates by 0.75 percentage points and what it means for the consumer.
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