Many Americans Still Struggling with High Cost of Living as Fed Rolls Out 11th Rate Hike
CAPITOL HILL — The Federal Reserve Wednesday escalated the inflation fight once more in its most aggressive series of rate hikes in 40 years. The Fed imposed another quarter-point rate hike on Wednesday in an effort to slash consumer demand and get companies to hire fewer people.
It’s the eleventh rate hike over the past 15 months. Economists say it’s meant to slash shopping and spending in order to force the sky-high cost of living to go down. There are some visible ways to see if it’s working.
Vacant shops — a sight shoppers can get used to this summer. In downtown San Francisco, a bleak scene and a sign of the times that hiring is going down — which economists say is another goal of the Federal Reserve.
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