Note to the Federal Reserve: Adjusting interest rates to affect inflation isn’t just about percentage points.

There are real people in the line of financial fire.

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The Federal Reserve raised its key interest rate by three-quarters of a point for the third time in a row on Wednesday, signaling more big rate hikes to come. The benchmark short-term rate, which affects many consumer and business loans, rose to a range of 3% to 3.25%, the highest level since early 2008, according to the Associated Press.

They will raise their benchmark rate to around 4.4% by the end of the year and again to around 4.6% next year.

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Here’s what the financial windfall will do to Americans: Getting a mortgage or auto or business loan will be more expensive. For some monetary problems, this includes less borrowing, a cooling economy and easing inflation.

For everyone else, it means that access to the money they need for a home, a car or their business will either break the bank, or be out of reach.

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The Fed is above such common concerns. Speaking at a news conference, Chair Jerome Powell noted that the strength of the job market is fueling wage growth that is helping to boost inflation.

The only bad thing about the increase in salaries is that even with the increase, families across the country still struggle to afford food. People need every penny they can get.

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But for the Fed, it’s all about the numbers. Powell said the inflation target the Fed wants to reach is 2 percent, and he won’t cut back on rate hikes until the needle moves steadily in that direction.

“If we’re going to light the way to another period of a very strong labor market,” Powell said, “we’re going to have to get inflation behind us. I wish there was a painless way to do that. There do not have.”

There was The Fed could have backed off its bond-buying spree last year. It could have listened to economists and former Fed officials warning that inflation was getting out of hand and that the central bank needed to act, as The Hill reported in December.

Powell could see signs that inflation was not, in fact, “temporary.”

And now that it’s pushing the economy, Powell is turning the screws on interest rates, and squeezing Americans while he’s at it.

Still, most economists remain skeptical of the Fed’s actions. He says he thinks a sharp Fed rate hike over time will lead to job cuts, rising unemployment and a full-blown recession later this year or early next.

“No one knows whether this process will lead to a recession, or if so, how significant that recession will be,” Powell said at his news conference. “It will depend on how quickly we reduce inflation.”

“No one knows” is not what we need to hear from the chairman of the Federal Reserve, who was already proven wrong about the “temporary” nature of inflation, and what he could do to reduce it. were

Powell makes more than $200,000 worth of squash a year. According to a 2017 financial disclosure, his net worth is between $19.7 million and $55 million.

We doubt that those who feel “pain” will be included.

The American people deserve better than a central bank that cares little about the impact of its actions on them, causing inflation to go wrong and possibly leading us into recession. .

It’s time to clean house in Fed.

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