During his post- FOMC meeting press conference, Federal Reserve Chairman Jerome Powell said, “Hope for the best; plan for the worst.”
I think he meant, “Live in hope; die in despair.”
The Federal Reserve raised interest rates another 75 basis points to 3.25% in another attempt to cool “transitory” inflation. The move was widely anticipated after the Consumer Price Index (CPI) came in hotter than expected in August.
The last time interest rates were this high was January 2008.
You remember what happened in 2008, right?
In its official statement, the FOMC said the central bank is “strongly committed” to bringing inflation back to the mythical 2% target, and that it “anticipates that ongoing increases in the target range will be appropriate.”
Unfortunately, by the Fed’s own admission, that’s going to take a while. Meanwhile, get ready to