On Wednesday, September 20, investors eagerly awaited the highly anticipated Federal Open Markets Committee (FOMC) meeting, where Jerome Powell of the Federal Reserve (The Fed), and his team made a pivotal decision to hold interest rates steady, with the current federal funds target rate sitting at 5.25%-5.50%, representing a 22-year high.
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With inflation steadily increasing due to the numerous issues dealt with in the last two years, investors and consumers show concern as prices continue to rise. Many Fed officials have discussed a strict, aggressive approach to battle these rising costs. But now the long-awaited interest rate hike from the Federal Reserve faces a challenge. The Russian invasion of Ukraine.
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President Joe Biden nominated world-renown bull Jerome Powell to a second term as Chair of the Federal Reserve. Despite recent criticisms of the lack of inflation control, he has done a stellar job protecting the financial system and the economy.
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The Federal Reserve has promised to maintain record-low interest rates to support the United States economy in the pandemic’s worsening times. As COVID-19 cases continuously shatter record highs set by the U.S., it has left many economists convinced that the economy cannot make any sustained recovery until the epidemic is maintained and that most Americans will feel safe conducting their normal outdoor daily activities. Following the Fed’s update on its monetary policy last Thursday, the near-zero interest rates are intended to stimulate spending and inject liquidity into the economy.
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