“The Federal Reserve is answerable to no one.”
— Ronald Reagan
The Federal Reserve is raising interest rates at a blistering pace, sending shock waves through the economy.
In the span of a few months, rate increases have turned optimism to outright concern. With GDP now declining in consecutive quarters, one would think the Fed would pause. However, in their July meeting, they called for more aggressive hikes through the end of the year.
The Fed’s plan to gamble with the country’s economic future may not pay off. In June, the Fed raised its benchmark interest rate by 75-basis points for the first time in nearly three decades. Despite that record increase, inflation still went up to a new high of 9.1 percent….