Fed hikes interest rates 0.75 points again
We ran the numbers: There are 3,413 news articles covering this topic.
51% (1,738) are left-leaning, 27% (937) are centrist, and 22% (738) are right-leaning.
On Wednesday, the Federal Reserve announced a hike in interest rates of 0.75 percentage points—the sixth hike this year—as central banks fight inflation, raising the risk of an oncoming recession. This move makes it more expensive for consumers and businesses to borrow. Left-leaning articles highlight that Democrats warn against the harms to the labor market caused by the hike in interest rates, and right-leaning articles highlight that American households and businesses will be forced to cut back on spending and be harmed.
USA Today published a centrist article writing that this the fourth major event raising interest rates this year, but it could be dialed back by the Fed as soon as December. Regardless, the Fed has no plans to pause the hikes until inflation is sufficiently reduced to the Fed’s goal of 2%.
A left-leaning article by The Washington Post highlighted that Democrats, ahead of the midterm elections, criticized the Fed for the latest rate hike, saying that it must dial back the inflation-fighting measures before they further harm the increasingly volatile labor market. It also highlighted that the hike in interest rates on Wednesday spiked mortgage rates to a 20-year high which may not recover for several years.
A right-leaning article by Fox Business highlighted that this campaign to fight inflation will likely harm millions of households and businesses, who will be forced to cut back on spending. It was reported that the recent hike has placed the key benchmark federal funds rate at a pre-2008 high—up from near-zero in March. It also highlighted that the interest rate hike was unanimously approved by policymakers.