Bidenflation is so bad that the Federal Reserve has decided it will not cut interest rates this summer like it had planned.
They released a statement today and said that instead of three rate cuts this year, there would only be one toward the end of the year because of “the persistence of elevated inflation.”
Here’s more from Newsmax:
The Federal Reserve Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target.
The Fed issued its decision in a statement after its latest meeting, at which it kept its key rate at a two-decade high of 5.3%. Several hotter-than-expected reports on prices and economic growth have recently undercut the Fed’s belief that inflation was steadily easing. The combination of high interest rates and persistent inflation has also emerged as a potential threat to President Joe Biden’s re-election bid.
“In recent months, there has been a lack of further progress toward the (Fed’s) 2% inflation objective,” the statement said.
The central bank’s message Wednesday reflects an abrupt shift in its timetable on interest rates. As recently as their last meeting on March 20, the Fed’s policymakers had projected three rate reductions in 2024, likely starting in June. Rate cuts by the Fed would lead, over time, to lower borrowing costs for consumers and businesses, including for mortgages, auto loans and credit cards.
But given the persistence of elevated inflation, financial markets now expect just one rate cut this year, in November, according to futures prices tracked by CME FedWatch.
Will the garbage media finally pay attention to how Biden is destroying the economy??? Oh right, it’s an election year and they are his biggest fans.