Economy

Fed interest rate: Federal Reserve hikes interest rate another quarter point today

Fed interest rate: Federal Reserve hikes interest rate another quarter point today

That also means cardholders soon will be forking over even more money in interest payments annually, an estimated $2.2 billion alone for what's expected to be the Federal Reserve's second rate hike of the year, according to the June Credit Card Debt Report from CompareCards.

"In view of realized and expected labor market conditions and inflation, the Committee made a decision to raise the target range for the federal funds rate to 1-3/4 to 2 percent", read a portion of a Federal Open Market Committee statement released Wednesday afternoon.

The Fed also signaled that it will raise rates more this year than previously expected - four times rather than three.

The decision to raise rates comes as the U.S. unemployment rate hovers at 3.8% - the lowest rate in almost two decades - and inflation, which lagged the Fed's 2% target for years, shows signs of starting to pick up.

They see another three rate increases next year, a pace unchanged from their previous forecast.

England captain Harry Kane rubbishes reports of World Cup’s demise
Constantly trying to improve, playing in a style that we've used in the previous year or so and that people have warmed to. ENGLAND boss Gareth Southgate says he is ready to get his team's World Cup campaign under way.

"Recent data suggest that growth of household spending has picked up, while business fixed investment has continued to grow strongly", the Fed wrote in its statement Wednesday announcing the interest rate hike.

Interest rate hikes will hit consumers in their wallets.

So-called core inflation - which excludes volatile items like energy and housing - is now 2.2 percent, around the level the Fed is looking for.

"Job gains have been strong, on average, in recent months, and the unemployment rate has declined", the Fed said in its latest policy statement. That means that by then, it thinks its key rate will finally exceed the 2.9 percent it sees as neutral - as neither stimulating nor restraining growth.

Growth is also expected to stay close to nearly 3 percent of GDP through the year, and Fed officials are eager to prevent the economy from overheating. Not since 1969 has the jobless rate been lower.

Tesla to Roll Out Software with Self-Driving Focus
Instead, Tesla's new vehicle will be a halo product, with performance to beat even the fastest petrol production cars ever made. The air would then be automatically added through air pumps that use the power coming from the Roadster's battery pack.

The Fed offered an improved forecast for unemployment this year, lowering its forecast to 3.6%. When the Fed tightens credit, it aims to do so without derailing the economy.

The economic expansion has survived for nine years and is now the second-longest in history.

The Fed's twin mandate is to bolster employment while controlling inflation, and in the current environment more rate rises appear inevitable.

The Fed's pace of rate hikes for the rest of the year could end up reflecting a tug of war between a sturdy economy and the risks to growth, including from a potential trade war that could break out between the United States and such key trading partners as China, the European Union, Canada and Mexico.

A global trade war would risk cutting into US economic growth by depressing American export sales and raising inflation by making consumers and businesses pay more for imports.

Kevin Durant Takes Low-Key Shot at LeBron James While Praising Himself
I want him to be happy and want him to know we want him as long as he wants to be here. Nothing to me was that shocking, but we went through some stuff.


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