Jerome Powell Raises Interest Rates O.25% in Weak Attempt to Curtail Runaway Inflation – Very Rare Interest Rate Hike During a Democrat Administration

Federal reserve chairman Jerome Powell raised interest rates .25% on Wednesday in a very week attempt to slow down the record inflation hitting the country.

This was one of the few interest rate hikes during a democrat administration. The Fed typically raises rates only for Republican presidents.

The inflation rate under Joe Biden has reached 40 year highs in recent months. This minimal interest rate hike will do nothing to slow down the runaway inflation.

Powell said the US inflation rate will take longer than expected to reach  the 2% goal.

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