ABOVE: Stephen Moore with FreedomWorks appeared on the Wednesday edition of CBN News’ Faith Nation to talk more about how the economic crisis is unfolding. Faith Nation is seen weekdays on the CBN News Channel.
WASHINGTON (AP) – The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday – its most aggressive move since 2000 – and signaling further large rate hikes to come.
The increase in the Fed’s key rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago.
The Fed also announced that it will start reducing its huge $9 trillion balance sheet, which consists mainly of Treasury and mortgage bonds. Those holdings more than doubled after the pandemic recession hit as the Fed bought trillions in bonds to try to hold down…