The U.S. Federal Reserve introduced another jumbo rate hike on Wednesday, Nov. 2, 2022, by hiking the federal funds rate (FFR) by 75 basis points (bps). The American central bank said on Wednesday that the hike aims to curb inflation and the Fed says “recent indicators point to modest growth in spending and production.”
U.S. Central Bank Hikes the Federal Funds Rate by 75bps
While U.S. president Joe Biden hosted an event called the “Infrastructure Talent Pipeline Challenge,” the country’s central bank increased the FFR once again by 75bps on Wednesday. Markets had priced in and predicted the 75bps increase well before the Federal Open Market Committee (FOMC) convened.
Just before the rate hike, the White House reported that the Biden administration plans to allocate $13.5 billion to help low-income American households pay for heating this winter. This is due to the fact that red-hot inflation has contributed to U.S. consumers paying 28% more to heat their residences than they
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