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.
The Federal Reserve is pulling the trigger and raising the federal interest rate for the first time in four years.
In announcing the rate hike today, Federal Reserve Chair Jerome Powell acknowledged the increased financial volatility in the face of the war in Ukraine.
“The financial and economic implications for the global economy and the U.S. economy are highly uncertain,” Powell said.
Interest rates could rise as many as seven times this year in an effort to combat sky-rocketing inflation. Wednesday’s rate hike – a quarter of a point – is expected to be followed by six additional rate hikes in that same range.
The increase means higher borrowing costs so…